DigitalBridge Group agreed to acquire Switch, a leading colocation data center operator, for $34.25 per share in an all-cash transaction valued at approximately $11 billion, including the assumption of debt.
Switch, which was founded in 2000, operates SuperNAP data center campuses in Las Vegas, Reno, and Grand Rapids, Michigan. The company touts its high-resiliecy and high-security designs for mission critical workloads in its "Class 5" data centers. The company boasts zero downtime since company inception (2001). The Switch data centers are powered by 100% renewable energy.
"Today's announcement is an important step towards our long-term vision for the growth and evolution of our company. 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," said Switch Founder and CEO, Rob Roy. "Following our expansion into a Fifth Prime campus last year, and with our plan to construct more than 11 million additional square feet of capacity through 2030, Switch's strategic position has never been stronger. The combination of our advanced data center infrastructure, significant expansion capacity in our land bank, and a new partnership with experienced digital infrastructure investors lays a strong foundation for Switch's continued industry leading growth."
Marc Ganzi, Chief Executive Officer of DigitalBridge, said, "At DigitalBridge, we are building the world's leading global digital infrastructure investment platform, and this transaction allows us to partner with one of the industry's fastest growing and highest quality data center portfolios. Rob and his team share our vision for the future of communications infrastructure, making us the ideal partner to scale their business both domestically and internationally to meet the exponentially rising demand from large enterprise customers looking for mission critical digital infrastructure. "
Switch agreed to acquire Data Foundry, a carrier-neutral colocation provider with data centers in Austin and Houston, for $420 million in an all cash transaction. The acquisition is expected to close by mid-2021, subject to the satisfaction of customary closing conditions, including regulatory approval. The purchase price of $420 million represents approximately 19x estimated 2021 Adjusted EBITDA, including $2 million of projected run-rate cost synergies. Data...
Switch signed a multi-year, multi-million dollar contract with an existing global e-commerce client to significantly grow its footprint at Switch's Citadel Campus in Northern Nevada. This transaction follows the previously announced multi-megawatt expansion from a leading developer of advanced semiconductor technologies. Switch says over 80% of its TAHOE RENO 1 facility is committed to clients, including space and power currently sold and future...
Netomnia, a provider of full fibre broadband infrastructure based in the UK, secured £295 million in new funding led by DigitalBridge Investment Management. DigitalBridge’s equity investment will come alongside follow-on commitments from existing shareholders Soho Square Capital LLP and Advencap Limited.Netomnia has achieved more than 130,000 premises passed since rollout commenced in 2020.“We are thrilled to partner with DigitalBridge and benefit...
DigitalBridge, in partnership with a subsidiary of Canada Pension Plan Investment Board, has invested $220 million in the form of a holding company term loan to support the continued growth of Everstream Solutions.Founded in 2014 and headquartered in Cleveland, Ohio, Everstream delivers a business-only, enterprise-grade fiber network services. The company serves large and mid-sized enterprises with over 27,000 route miles of fiber, speeds up...
DigitalBridge agreed to acquire the mobile telecommunications tower business of Telenet Group for €745 million in cash (US$820 million).The deal will provide DigitalBridge with ownership of 100% of Telenet’s passive infrastructure and tower assets, including TowerCo’s nationwide footprint of 3,322 sites in Belgium, including 2,158 owned sites and 1,164 third-party sites.The business boasts a total tenancy ratio of 1.2x, and a tenancy ratio of 1.6x...
DigitalBridge Group announced the formation of an independent mobile tower company in Iceland through the merger of the telecom tower portfolios of Sýn and Nova, two leading Icelandic mobile network operators.The new company, called ÍslandsTurnar, is backed by funds affiliated with DigitalBridge Investment Management. Both Sýn and Nova will be long-term customers of ÍslandsTurnar.ÍslandsTurnar is the first independent tower company of scale in Iceland...
