The transaction to acquire Switch for $34.25 a share was unanimously approved by a special committee of Switch’s board.
Photo:
Pavlo Gonchar/Zuma Press
DigitalBridge
DBRG 3.85%
Group Inc. is buying Switch Inc., a data-center company, for $11 billion, the latest digital asset being snapped up by the investment company.
DigitalBridge is partnering with an affiliate of the infrastructure investor IFM Investors to acquire Switch for $34.25 a share. The deal includes the assumption of debt and is expected to close in the second half of this year.
DigitalBridge, led by Chief Executive
Marc Ganzi,
has been focused on buying various digital assets such as data centers, cell towers and fiber networks. Recent acquisitions have included fiber-network operator Zayo Group LLC; Vertical Bridge Holdings LLC, the largest private cell-tower operator in the U.S.; and AtlasEdge Data Centres, a European data-center business it created through a joint venture with
Liberty Global
LBTYB -4.61%
PLC.
Switch founder and CEO
Rob Roy
said the acquisition will help the company meet strong demand for its environmentally sustainable data-center infrastructure. Switch has plans to build more than 11 million additional square feet of capacity through 2030.
Switch shares, which have risen by two-thirds over the last 12 months, rose 8.5% in premarket trading to $33.37.
Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
For all the latest Technology News Click Here
For the latest news and updates, follow us on Google News.
