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Equinix to buy Telecity for GBP 2.35 billion

2015-05-29 09:20:00| Telecompaper Headlines

(Telecompaper) US data centre operator Equinix has reached an agreement to acquire UK-based Telecity for GBP 2.35 billion in cash and shares. Equinix offered GBP 1.145 per share, with GBP 0.5725 payable in cash, representing an around 35 percent premium on Telecity's closing price on 10 February, the day before Telecity announced its planned merger with Dutch data centre operator Interxion. When the transaction is completed, Telecity shareholders will own around 10.1 percent of the combined group. Telecity CEO John Hugues, who will sit on Equinix's board, said, "Having carefully considered all our options, the board believes this is a compelling offer and an excellent outcome for shareholders, employees and customers." The agreement scuppers Telecity's February bid to buy Interxion in all-stock deal.

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