Zayo Group, a Louisville, Colo.-based regional provider of fiber-based network services, purchased FiberNet Telecom Group for $87.8 million. Zayo recently raised $128 million from from Charlesbank, Battery Ventures, Centennial Ventures, Charlesbank Capital Partners, Columbia Capital, M/C Venture Partners, Morgan Stanley AIP, and Oak Investment Partners. Prior to that, the raised $225 million in 2007.

(Reuters) – Broadband interconnection services provider FiberNet Telecom Group Inc (FTGX.O) agreed to be taken over by regional telecom services provider Zayo Group LLC for $11.45 a share in cash.

The transaction is valued at $87.8 million based on 7.67 million outstanding shares of FiberNet.

The offer represents a premium of 15.5 percent over the company’s closing price of $9.91 Thursday on Nasdaq.

FiberNet said it will solicit superior proposals from third parties until June 17.

The transaction is expected to be completed in the third quarter of 2009, the company said. (Reporting by S. John Tilak in Bangalore; Editing by Aradhana Aravindan)

peHUB note: Zayo has raised money from Charlesbank, Battery Ventures, Centennial Ventures, Charlesbank Capital Partners, Columbia Capital, M/C Venture Partners, Morgan Stanley AIP, and Oak Investment Partners