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Equinix agrees £2.3bn offer for TelecityGroup

29 May 2015 08:09

Equinix has agreed a recommended £2,351.9m cash and share offer for TelecityGroup.

Under the terms of the offer, TelecityGroup shareholders will receive 572.5p in cash and 0.0327 new Equinix shares for each TelecityGroup share.

This represents a value of approximately 1,145.0p per TelecityGroup share - a premium of around 34.9% to the closing price of 848.5p on 10 February, the last business day before TelecityGroup announced its proposed merger with Interxion. The offer represents a premium of approximately 27.3% to the closing price of 899.5p on 6 May, the last business day before TelecityGroup announced that it was in discussions with Equinix.

Equinix has agreed that TelecityGroup executive chairman John Hughes will join the board of Equinix on completion.

Equinix chief executive and president Stephen Smith said: "We are delighted to announce the combination of TelecityGroup and Equinix in what is an exciting day for the stakeholders of both companies. 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.

"The transaction will allow Equinix to benefit from increased scale and extend the global reach of our platform. We believe our offer is compelling to TelecityGroup Shareholders who will realise significant value for their holdings while having the opportunity to participate in the future strengths of the combined business. 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. "

At 8:09am:

(LON:TCY) Telecity Group PLC share price was -1.5p at 1088.5p

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