Scuppers proposed bid between Telecity Group and Interxion and becomes Europe’s largest player
Equinix secured its buyout of TelecityGroup after scuppering TelecityGroup’s proposed merger with Interxion.
Equinix and TelecityGroup confirmed the acquisition with a cash and share offer worth £2,351.9 million.
In February, TelecityGroup and Interxion announced they would be merging in a $2.2 billion deal.
On May 7, Equinix said it was interested in buying Telecity Group for $3.5 billion.
Stephen Smith, CEO of Equinix, said: "The addition of TelecityGroup’s businesses will considerably strengthen Equinix’s offering to customers in Europe and beyond, reinforcing us as a global leader in global interconnection and data centres, as well as bringing the benefits of greater cloud and network density to our customers.
"We are especially pleased to be welcoming John Hughes onto the Board of the combined business and will greatly benefit from his experience in the technology space."
John Hughes, Executive Chairman of TelecityGroup, said: "On behalf of the Board of TelecityGroup, I am very pleased to recommend the combination of TelecityGroup and Equinix to our shareholders today. Having carefully considered all our options, the Board believes this is a compelling offer and an excellent outcome for shareholders, employees and customers.
"TelecityGroup has become a leading player in the European data centre industry, consistently delivering an outstanding performance and high quality returns to shareholders. This is testament to the hard work of all TelecityGroup’s employees. I am delighted that they now have the opportunity to be part of a global technology leader, led by Equinix’s exceptional management