Data center REIT CyrusOne is being acquired by KKR and Global Infrastructure Partners in an all-cash deal valued at $15 billion, including the assumption of debt. The two companies are acquiring CyrusOne's outstanding shares for $90.50 per share, which reflects a premium of approximately 25% to CyrusOne's unaffected closing stock price on September 27, 2021, the last full trading day prior to published market speculation regarding a potential sale of the company.
The transaction, unanimously approved by the CyrusOne Board of Directors, is not subject to a financing condition and is expected to close in the second quarter of 2022, subject to satisfaction of customary closing conditions, including regulatory approvals and approval by CyrusOne stockholders.
Once the deal closes CyrusOne will be a privately held company wholly owned by KKR and GIP and CyrusOne's common stock will no longer be listed on any public market. KKR's investment is being made primarily from its global infrastructure and real estate equity strategies, and GIP's investment is being made from its global infrastructure funds.
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Coincidentally, the announcement comes on the same morning of another blockbuster data center deal: Data center REIT American Tower is acquiring CoreSite for $170.00 per share in cash, which, including the assumption and/or repayment of CoreSite's existing debt at closing, will total approximately $10.1 billion.
CoreSite, as of Q3 2021, consisted of 25 data centers, 21 cloud on-ramps and over 32,000 interconnections in eight major US markets.
American Tower has obtained committed financing from J.P. Morgan. J.P. Morgan is serving as lead financial advisor to American Tower, who is also being advised by CDX Advisors. Cleary Gottlieb Steen & Hamilton LLP is serving as principal legal advisor to American Tower. Evercore is serving as sole financial advisor to CoreSite and Wachtell, Lipton, Rosen & Katz is serving as its principal legal advisor.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
