Zayo said the separations will provide flexibility for each business to capitalise on unique growth opportunities.

It will also allow them to simplify operations and align strategic and business objectives to drive long-term value for Zayo, its customers, and the newly independent entities.

Zayo Europe already operates a largely autonomous, mostly owned fibre infrastructure network across eight Western European countries, specifically Ireland, the UK, the Netherlands, Belgium, France, Germany, Italy and Switzerland.

It will have employee hubs in London, Paris, Stuttgart and Sofia.

The new business will be run by Colman Deegan, who was appointed as the CEO of Zayo Europe just three weeks ago.

Zayo and Zayo Europe will remain under the same ownership group and still offer network services globally. In 2020, Zayo was taken private by Digital Bridge and EQT Infrastructure in a $14.3 billion transaction that closed in 2020.

However, it will have a new board of directors, with Jens Schulte-Bockum, the former CEO of Vodafone Germany and Group COO of MTN Group, sitting as chairman once the separation is completed.

Full legal separation of Zayo Europe and its other business is expected by the end of June 2024.

Zayo’s business that manages its customers’ global network needs outside of Zayo’s core North American and European networks will also be separated legally by this time.

It will have a separate management team that will continue to support Zayo’s North American and European customers’ international network expansions.