49°F
weather icon Drizzle
app-logo
RJ App
Vegas News, Alerts, ePaper

$11B sale of Las Vegas data firm Switch closes

Updated December 7, 2022 - 1:01 pm

The $11 billion sale of Las Vegas-based data center developer Switch Inc. officially closed on Tuesday.

The deal was first announced in May.

Switch was acquired by DigitalBridge Group and IFM Investors, who said in a news release that it would be acquiring all outstanding shares of Switch for $34.25 each in cash, including the repayment of outstanding debt.

Rob Roy, founder and CEO of Switch, said in a statement that the company is excited “to embark on the next chapter of Switch’s evolution.”

“With their strategic expertise and financial resources, Switch is ideally positioned to meet growing customer demand for the world’s most advanced and environmentally sustainable data center infrastructure,” Roy said.

The deal pulls Switch off the New York Stock Exchange, making it a private company that is no longer trading under the ticker symbol SWCH.

Switch is known for powering its massive data centers using 100 percent renewable energy. It operates centers in Nevada, Michigan, Georgia and Texas.

“We are delighted to partner with Rob and the Switch team as DigitalBridge continues to grow our portfolio of high-quality digital infrastructure assets globally,” Jon Mauck, senior managing director at DigitialBridge Investment Management, said in a statement.

Kyle Mangini, global head of infrastructure at IFM Investors, said in a statement that the Las Vegas firm’s “excellence in data center design and operations, along with its industry leadership in sustainability, makes the company an ideal fit for IFM Investors.”

Contact Sean Hemmersmeier at shemmersmeier@reviewjournal.com. Follow @seanhemmers34 on Twitter.

Don't miss the big stories. Like us on Facebook.
THE LATEST
Wall Street ticks higher to close out another strong week

Helping to lead the way was American Express, which jumped 10.5% despite reporting weaker profit and revenue for the latest quarter than expected.