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CyrusOne Jumps on $15 Billion Deal with KKR, GIP to Go Private -Breaking

by Mike Robinson

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© Reuters.

By Dhirendra Tripathi

Investing.com – CyrusOne stock (NASDAQ:) surged 4.5% Monday as the company said it is selling itself to KKR (NYSE:) & Co and Global Infrastructure Partners in a $15 billion all-cash deal.

CyrusOne is an investment trust in real estate that develops, constructs and manages data centers. The company has more than 50 data centers across North America, South America, and Europe. It serves approximately 1,000 clients. This business is flourishing as more businesses go digital and customers seek new solutions, such as travel, education, or retail.

The company currently has a market cap of $10.84 billion and the stock hit a high of $89.30 so far in today’s session, a shade away from the $90.50 the buyers are paying for each share.

CyrusOne, which is due to close during the second quarter in 2022, will be a privately owned company.

CyrusOne’s third quarter revenue was $304 million. This is an increase of more than 15%. It raised its guidance for the year and now sees its annual total revenue at $1.19 billion at midpoint, up from its previous guidance of $1.17 billion at center of the range and higher than 2020’s $1.03 billion.

 

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