Starboard Value Acquisition called a July 28 meeting for stockholders to vote on the proposed business combination with data-center company Cyxtera Technologies.
Announced in February, the deal values the merged company at $3.4 billion.
Proceeds of approximately $654 million include the SPAC’s $404 million cash in trust and commitments for a $250 million PIPE from institutional investors including Fidelity Management & Research Company, and clients of Starboard Value.
If the deal is approved, current Cyxtera owners will retain approximately 58% ownership of the combined company. Common stock will list on the Nasdaq under CYXT and warrants under CYXTW.
Formed through the 2017 carve-out of the CenturyLink (now Lumen) data center and colocation business, Cyxtera has grown to become the largest privately held data center provider of retail colocation services globally. Read more.
