Aug 25, 2008 : ABRY To Buy Q9 Networks For $361m

📅 August 25, 2008 - Canadian internet and data center services provider Q9 Networks (q9.com -> equinix.com) has announced it has signed a definitive acquisition agreement with ABRY Partners (arby.com) affiliate CDC Acquisition to allow it to purchase all of Q9's outstanding common shares for approximately $361 million.


Boston-based ABRY Partners announced Monday, Q9 shareholders will receive $17.05 cash for each common share, a premium of 38 percent to the stock's 30-day average on the Toronto Stock Exchange.

"We are strong believers in the Canadian data centre infrastructure market and are excited to be participating in it through our acquisition of Q9," ABRY Partners partner C.J. Brucato said in a statement. "Q9, with its talented management team, has achieved a leading market position and a diversified blue chip customer base. We look forward to helping Q9 accelerate their growth and extend their leadership position."

Q9 expects the deal to close in the fourth calendar quarter of 2008.

Having been unanimously approved by the Q9 board of directors, the deal still needs the approval of Q9's shareholders and the Ontario Superior Court of Justice. Barring that, Q9 can still terminate the takeover under some circumstances, including if the Q9 Board receives a better offer before October 3, 2008.

"ABRY is one of the most experienced private equity firms in the media, communications, and information industry." Q9 chief executive officer Osama Arafat said in a statement. "We believe they are the right partner to continue our aggressive growth plans while providing outstanding service to our valued customers."