Data center REIT CyrusOne Inc. (CONE), investment firm KKR & Co. Inc. (KKR) and Global Infrastructure Partners or GIP, announced Monday a definitive agreement pursuant to which KKR and GIP will acquire all outstanding shares of common stock of CyrusOne for $90.50 per share in an all-cash transaction valued at approximately $15 billion, including the assumption of debt.
The $90.50 per share purchase price reflects a premium of approximately 25% to CyrusOne's unaffected closing stock price of $72.57 on September 27, 2021, the last full trading day prior to published market speculation regarding a potential sale of the Company.
This announcement is the culmination of a robust strategic review process conducted by the CyrusOne Board of Directors to determine the best path forward for the Company and maximize stockholder value.
The deal will provide CyrusOne access to substantial additional resources and expertise from KKR and GIP to accelerate their global expansion.
The transaction, which was unanimously approved by the CyrusOne Board of Directors, is not subject to a financing condition and is expected to close in the second quarter of 2022, subject to satisfaction of customary closing conditions, including regulatory approvals and approval by CyrusOne stockholders.
Upon completion of the transaction, CyrusOne will be a privately held company wholly owned by KKR and GIP and CyrusOne's common stock will no longer be listed on any public market.
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