Wireless infrastructure services company Zayo Group Holdings Inc. (NYSE: ZAYO), backed by GTCR, is acquiring Allstream Inc. from Manitoba Telecom Services Inc. for C$465 million (U.S. $348 million).

Allstream, based in Toronto, provides communication services, including video conferencing, to businesses across Canada. The target has its own fiber network. Allstream has about $449 million in annual revenue and $75 million in adjusted Ebitda. Zayo is funding the purchase with cash and debt. 

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