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Home / Business / Data center company Cyxtera’s Starboard SPAC reaches nearly $3.4 billion in deal

Data center company Cyxtera’s Starboard SPAC reaches nearly $3.4 billion in deal



People familiar with the matter said that a special purpose acquisition company backed by shareholder activist Starboard Value LP is merging with data center provider Cyxtera Technologies Inc..

People familiar with the matter said that Starboard Value Acquisition Corp. is discussing a transaction that will make Cyxtera worth approximately $3.4 billion (including debt). They said that if the negotiations do not break down, they can be completed on Monday.

People familiar with the matter said that the current owners of Cyxtera, including private equity firms BC Partners and Medina Capital (Medina Capital), plan to inject their equity into the combined company.

Cyxtera has more than 60 data centers around the world, providing services to thousands of companies and government agencies. It is one of the largest so-called retail managed service providers, its data center services and connects multiple customers, and supports the widespread adoption of hybrid cloud infrastructure. Due to the rise of drones and Internet-enabled gadgets, the demand for data management has begun to grow, and the remote work and schooling required by Covid-1

9 have given the industry an additional boost.

SPAC, which has rapidly become popular, raises funds in IPOs and then looks for businesses that can be merged with it, thereby providing target companies with alternative ways to enter the open market. When it went public last year, Starboard aircraft raised $360 million. In addition, Cyxtera is expected to receive the funds from the merger just like the merger of the SPAC transaction.


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