{"id":127183,"date":"2022-05-11T14:47:06","date_gmt":"2022-05-11T14:47:06","guid":{"rendered":"https:\/\/fin2me.com\/?p=127183"},"modified":"2022-05-11T14:47:06","modified_gmt":"2022-05-11T14:47:06","slug":"digitalbridge-to-buy-data-center-owner-switch-for-8-38-billion","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/digitalbridge-to-buy-data-center-owner-switch-for-8-38-billion\/","title":{"rendered":"DigitalBridge to buy data center owner Switch for $8.38 billion"},"content":{"rendered":"

(Reuters) -DigitalBridge Group Inc is taking data center operator Switch Inc private for $8.38 billion in cash, the latest deal in a sector benefiting from the digital shift spurred by the pandemic.<\/p>

The Switch logo is pictured on a data center in Las Vegas, Nevada, U.S., October 6, 2017. REUTERS\/Chris Wattie<\/figcaption>

The transaction announced on Wednesday values each share of Switch at $34.25, a premium of 15% to the company\u2019s closing price on May 9 when talks of it were first reported.<\/p>\n

The data center industry has emerged as a hotbed of consolidation activity thanks to its key role in cloud computing infrastructure and a strong growth outlook underpinned by the increasing digital presence of businesses.<\/p>\n

CyrusOne last year agreed to go private in a $11.49 billion deal with KKR & Co Inc and Global Infrastructure Partners, while Blackstone snapped up QTS Realty Trust Inc for $10 billion.<\/p>\n

Las Vegas, Nevada-based Switch was itself the subject of interest from multiple buyers including Brookfield Asset Management Inc, according to a Bloomberg News report.<\/p>\n

The company has more than 1,300 customers and operates and designs data centers in cities such as Atlanta. Its revenue rose by a quarter in the first three months of 2022 to $164.6 million.<\/p>\n

“Through this partnership we will be ideally positioned to continue to meet strong customer demand for Switch’s environmentally sustainable Tier 5 data center infrastructure,” Chief Executive Officer Rob Roy said.(reut.rs\/3w3qVRW)<\/p>\n

Switch\u2019s shares rose more than 9% in premarket trading.<\/p>\n

The deal is expected to close in the second half of 2022, after which Switch will be closely held by an affiliate of global infrastructure investor IFM Investors and DigitalBridge – a firm that invests in data centers, fiber networks and cell towers.<\/p>\n

Goldman Sachs & Co and Morgan Stanley & Co acted as financial advisors to Switch, while RBC Capital Markets was the lead financial advisor to DigitalBridge.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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