What in the heck is a transit provider, then? The people that provide the rack space and 'Net connection? An ISP is, to us colonials, an Internet Service Provider who just provides one or my IP addresses. Sometimes an ISP also offers a physical connection to the Internet via telephone, Cable, satellite, or commercial DS/OC lines.
On the other hand, what we call a CoLo is a "co-location" provider. Also known as a "hoster". These are the people we call up if we don't want to have a server in our house/company and/or need more bandwidth than we could otherwise get since a CoLo will generally have a massive connection to one of the Internet backbones.
So what's a "transit provider'? Its true that we are a group of people separated by common language.