Cyxtera To Go Public At $3.4B Valuation Through SPAC Merger
Cyxtera was formed in 2017 through the merger of 57 data centers owned by CenturyLink with four cybersecurity and data analytics companies. Now, after spinning out a secure access vendor and generating an estimated $690 million in 2020 revenue, the company is set to go public. By Dylan Martin February 22, 2021, 11:23 AM EST
Data center colocation provider Cyxtera Technologies plans to go public at a $3.4 billion valuation through a merger with a special purpose acquisition company, an increasingly popular way for companies to become publicly traded.
The Coral Gables, Fla.-based company said Monday that it has entered into a definitive agreement to merge with Starboard Value Acquisition Corp., a publicly traded special purpose acquisition company, or SPAC, as they are more commonly known. The company operates 61 data centers across 29 markets worldwide and counts more than 2,300 enterp
UPDATE 1-Data center firm Cyxtera to go public via $3 4 bln deal with Starboard SPAC
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Cyxtera to merge with Starboard acquisition vehicle in deal worth USD 3 4 billion
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Starboard SPAC nears $3 4 billion merger deal for Cyxtera: WSJ
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Check out These Blank-Check Companies
Posted January 26, 2021
They are basically a way for Wall Street insiders to avoid the rules and regulations of initial public offering (IPOs) and enhance their profits.
That said, SPACs are market darlings. Just yesterday, Tishman Speyer’s SPAC, an entity named TS Innovation Acquisitions, jumped 100% after it announced it would merge with Latch, a smart lock market, and take the company public.
SPACs on Fire
CNBC reports, Fifty-six SPAC initial public offerings have already been completed in 2021, raising $16 billion, Goldman [Sachs] notes. It said this adds to the 229 U.S. SPACs that raised $76 billion in 2020, which was dubbed the year of the SPAC.