DigitalBridge and IFM Investors completed their previously-announced acquisition of Switch, which operates a series of high-performance, SuperNAP co-location data centers.
All outstanding common shares of Switch (NYSE: SWCH) were acquired for $34.25 per share in cash, or approximately $11 billion, including the repayment of outstanding debt.
“We are excited to embark on the next chapter of Switch’s evolution in partnership with DigitalBridge and IFM Investors, two leading digital infrastructure investment firms,” said Rob Roy, Founder and Chief Executive Officer of Switch. “With their strategic expertise and financial resources, Switch is ideally positioned to meet growing customer demand for the world’s most advanced and environmentally sustainable data center infrastructure.”
Jon Mauck, Senior Managing Director at DigitalBridge Investment Management, said, “We are delighted to partner with Rob and the Switch team as DigitalBridge continues to grow our portfolio of high-quality digital infrastructure assets globally. With a shared vision for the future of communications infrastructure, Switch, IFM Investors and DigitalBridge are ideal partners, and together we will scale Switch’s business domestically and internationally to meet the robust enterprise demand for mission-critical digital infrastructure.”
Kyle Mangini, Global Head of Infrastructure at IFM Investors, said, “IFM Investors is excited to join DigitalBridge to support Switch in its next phase of growth. Switch’s excellence in data center design and operations, along with its industry leadership in sustainability, makes the company an ideal fit for IFM Investors as we seek to deliver returns to our investors and maximize the retirement savings of the millions of working people they represent.”
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….
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…