The publicly-listed company in the US operates more than 50 data centres around the world to help in the continued operation of IT infrastructure for approximately 1,000 customers
CyrusOne, a US-based data centre real estate investment trust (REIT), has agreed to be acquired by KKR and Global Infrastructure Partners (GIP) for about $15bn.
The consideration includes the assumption of CyrusOne’s debt.
As per the terms of the deal, KKR and GIP will acquire the shares of the publicly-listed data centre REIT for $90.5 per share in cash.
CyrusOne is specialised in the design, construction, and operation of data centres around the world. Currently, it operates over 50 data centres.
The firm offers mission-critical facilities to ensure the continued operation of IT infrastructure for nearly 1,000 customers, which includes close to 200 Fortune 1000 companies.
KKR managing director Waldemar Szlezak and GIP partner Will Brilliant said: “CyrusOne has built one of the strongest data centre companies in the world and has a strong track record of development and operational expertise in addition to delivering best-in-class service to its customers.
“We are excited to work together with the Company’s proven team to build on CyrusOne’s market leadership and support their customers’ growing data centre infrastructure requirements.
“We see numerous opportunities ahead to continue expanding CyrusOne’s footprint across key global digital gateway markets and look forward to leveraging our global resources, access to long term capital and deep expertise to support the Company’s growth.”
After the closing of the deal, CyrusOne will become a privately held firm that will be fully owned by KKR and GIP. Its common stock, which currently trades on NASDAQ, will not be listed on any public market after the completion of the transaction.
CyrusOne co-founder and interim president and CEO Dave Ferdman said: “We have built one of the world’s leading data centre companies with a presence across key U.S. and international markets supporting our customers’ mission-critical digital infrastructure requirements while creating significant value for our stockholders.
“KKR and GIP will provide substantial additional resources and expertise to accelerate our global expansion and help us deliver the timely and reliable solutions at scale that our customers value.”
The deal has been approved unanimously by CyrusOne’s board of directors. It follows a strategic review process undertaken by the board to determine the best path forward for the firm and for maximising value for stockholders.
The closing of the deal, which is subject to regulatory approvals, the data centre REIT’s shareholder approval, and other conditions, is expected to occur in Q2 2022.
Last month, CyrusOne reported revenue of $304m and a net income of $6.7m for the third quarter of 2021.