Data center colocation and interconnection services provider, Cyxtera announced it has completed its business combination with Starboard Value Acquisition. The business combination provides the company access to new capital sources to fuel growth, accelerate product and technology innovation, enhance its ability to quickly meet customer needs, and support further strategic go-to-market efforts.
Nasdaq Global Select Market
With the business combination, Cyxtera’s shares of Class A common stock will begin trading on The Nasdaq Global Select Market under the symbol “CYXT” and its warrants under the symbol “CYXTW.” The company also stated that its leadership, including Chair Manuel D. Medina, CEO Nelson Fonseca, COO Randy Rowland, and CFO Carlos Sagasta, will continue to lead Cyxtera.
Mr. Medina and Mr. Fonseca will also join the board of the combined company as Chair and Director, respectively, joined by Starboard Value LP CEO and former SVAC Chair Jeff Smith and former SVAC Industry Advisor Greg Waters. According to the announcement, Cyxtera received approximately $493 million in total cash from the transaction before fees, expenses, and debt amortization. Nelson Fonseca, President & CEO of Cyxtera said,
“Cyxtera’s team has built a differentiated global data center platform that is well positioned to deliver the innovative solutions our customers require to meet their evolving infrastructure needs. Having completed our merger with SVAC, we now can accelerate our plans to drive high-margin growth through increased utilization of our existing assets, development of innovative product offerings, and expansion of our global footprint. We look forward to leveraging our data center platform and our experience in successfully operating a publicly traded data center company to create long-term shareholder value.”