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Home > Data Center > Cyxtera closes business combination with Starboard Value Acquisition

Cyxtera closes business combination with Starboard Value Acquisition

Cyxtera announced it has completed its business combination with Starboard Value Acquisition.


Erdem Yasar Erdem Yasar
July 30, 2021
2 min read
Cyxtera closes business combination with Starboard Value Acquisition

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

Nelson Fonseca, President & CEO of Cyxtera
Nelson Fonseca, President & CEO of Cyxtera

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.”

See more Data Center News


Tags: Cyxtera Technologies
Erdem Yasar

Erdem Yasar

Erdem Yasar is a news editor at Cloud7 News. Erdem started his career by writing video game reviews in 2007 for PC World magazine while he was studying computer engineering. In the following years, he focused on software development with various programming languages. After his graduation, he continued to work as an editor for several major tech-related websites and magazines. During the 2010s, Erdem Yasar shifted his focus to cloud computing, hosting, and data centers as they were becoming more popular topics in the tech industry. Erdem Yasar also worked with various industry-leading tech companies as a content creator by writing blog posts and other articles. Prior to his role at Cloud7 News, Erdem was the managing editor of T3 Magazine.

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