Global data center services provider Equinix, Inc. (EQIX) and provider of network-neutral data center and Internet exchange services Switch and Data Facilities Company, Inc. (SDXC) said Monday that Switch and Data stockholders have voted to approve Switch and Data's merger with and into Sundance Acquisition Corp., a wholly-owned subsidiary of Equinix.
The companies in a joint statement said that more than 99% of votes were casted in favor of the merger, and the holders of more than 85% of Switch and Data's outstanding common stock participated in the vote. The merger, expected to close in the second quarter of 2010, is subject to the expiration or termination of the waiting period imposed by the Hart-Scott-Rodino Antitrust Improvement Act of 1976.
In a separate statement, Equinix noted that on January 29, 2010, the election deadline, holders of 7.19 million shares of Switch and Data stock had elected to receive $19.06 in cash, and holders of 23.01 million shares of Switch and Data stock had elected to receive 0.19409 shares of Equinix stock, for each share of their Switch and Data stock.
Further, Equinix noted that Switch and Data stockholders may revoke their elections at any time before two business days preceding the closing date of the merger by delivering to the exchange agent a written notice of revocation. Therefore, the company noted that the election results described above are preliminary and may change as a result of such revocations.
Equinix while announcing the acquisition during reporting its third quarter results had said that it would integrate Switch and Data's data center business and operations, including the company's 34 data centers in 22 markets in the U.S. and Canada. Equinix noted that the acquisition would extend its presence in 16 new markets including Atlanta, Denver, Miami, Seattle and Toronto in North America and add more than one million gross square feet of data center capacity.
SDXC is currently trading at $18.13, down $0.15 or 0.82% on the Nasdaq and EQIX is currently trading at $95.67, down $0.56% or 0.58% on the Nasdaq.
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