Cogent Communications Holdings, Inc. (CCOI), a facilities-based provider, announced on Tuesday that its subsidiary, Cogent Fiber, LLC, has agreed to sell 10 data center facilities in the United States to a newly formed entity sponsored by I Squared Capital for $225 million in cash.
The deal covers facilities owned by Cogent's indirect wholly owned subsidiary, Cogent Fiber LLC located in Phoenix, AZ, Anaheim, CA, Burbank, CA, Stockton, CA, Atlanta, GA, Chicago, IL, Elkridge, MD, Kansas City, MO, Nashville, TN and Houston, TX.
Cogent, a Nasdaq-listed internet service provider, said the transaction is expected to close on the later of June 12, and the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.
The company did not disclose how it would use proceeds from the sale or provide details on the new I Squared Capital-backed entity acquiring the assets.
In pre-market activity on NYSE, shares of Cogent were up 7.98 percent, changing hands at $19.61, after closing Monday's regular session 1.14 percent lower.
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