DALLAS, TX – Funds managed by global investment firm KKR and infrastructure investor Global Infrastructure Partners have acquired the global REIT CyrusOne Inc. in an all-cash transaction valued at $15 billion. The purchase price includes the assumption of debt.
CyrusOne has additionally suspended the trading of its shares of common stock on the NASDAQ Global Select Market, effective today, and it has requested that its common stock be delisted from Nasdaq.
"Closing this transaction begins an exciting new chapter for CyrusOne as we continue our global expansion with the benefit of significant resources and expertise that KKR and GIP are able to provide to the company and its customers," says Dave Ferdman, CyrusOne co-founder, president and CEO. "We are very well positioned to capitalize on the acceleration in growth opportunities driven by strong underlying secular demand trends and create substantial value for all of our stakeholders."
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KKR partner Waldemar Szlezak states, "We see significant opportunity ahead for CyrusOne to build on its market-leading position and impressive track record of delivering state-of-the-art data center solutions around the globe, at a time when the world is increasingly dependent on them, at a rapid pace."
"Secular growth in data consumption globally has created tremendous opportunity for skilled data center developers and operators to provide critical infrastructure for their customers, including the world's leading technology companies," says GIP partner, Will Brilliant.
In connection to the transaction, CyrusOne has additionally notified Nasdaq Stock Market LLC that it intends to voluntarily delist its 1.45% senior notes due 2027, and it intends to deregister the senior notes from the Securities and Exchange Commission.
"GIP is excited to partner with CyrusOne's management team and KKR, bringing our experience and deep resources as a leading infrastructure investor and operator to support CyrusOne's differentiated global platform, which is well-positioned to continue its strong momentum and to unlock significant additional potential under its new sponsorship," adds Brilliant.
Szlezak adds, "We look forward to leveraging our global experience investing behind digital infrastructure to, together with GIP, support CyrusOne's continued growth, and are excited to get started."
For the transaction, Morgan Stanley & Co. LLC and DH Capital LLC served as financial advisors to CyrusOne, and Cravath, Swaine & Moore LLP, Venable LLP and Eversheds Sutherland LLP acted as its legal counsel to CyrusOne.
Goldman Sachs & Co., Barclays, Wells Fargo Securities LLC, Citigroup and J.P. Morgan served as financial advisors to KKR and GIP in the transaction. KKR capital markets led the structuring of the financing.
Kirkland & Ellis LLP and Dentons (UK & Europe) acted as legal counsel to the acquiring consortium and KKR. Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal counsel to GIP.
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Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
