Summary
Equinix, Inc. (EQIX) has officially completed its acquisition of Switch and Data Facilities Company, Inc. as of April 30, 2010. This strategic move consolidates Switch and Data as a wholly-owned subsidiary of Equinix, marking a significant step in Equinix's expansion. The acquisition was funded through a combination of Equinix common stock and cash, with specific exchange ratios and cash payouts determined by shareholder elections, including a mix for non-electing shares. In addition to the operational integration, the acquisition also led to a change in Equinix's Board of Directors. William K. Luby, formerly a director at Switch and Data, has been appointed to Equinix's Board, effective April 30, 2010, and nominated for re-election at the upcoming annual meeting. The filing also incorporates by reference the necessary financial statements of Switch and Data, along with pro forma combined financial information, providing investors with a comprehensive view of the transaction's financial implications.
Key Highlights
- 1Equinix Inc. (EQIX) has successfully completed the acquisition of Switch and Data Facilities Company, Inc. on April 30, 2010.
- 2Switch and Data is now a wholly-owned subsidiary of Equinix.
- 3The acquisition involved a mix of cash and Equinix stock as consideration, with specific terms based on shareholder elections.
- 4Equinix issued 5,458,413 shares of its common stock and paid $134,006,568 in cash for the acquisition.
- 5William K. Luby, formerly a director of Switch and Data, has been appointed to Equinix's Board of Directors.
- 6The acquired company's financial statements (Form 10-K and 10-Q) and pro forma combined financial information are incorporated by reference.
- 7No Switch and Data stockholders exercised appraisal rights in connection with the acquisition.