Jun, 2010 : Cincinnati Bell Completes Acquisition of CyrusOne
📅 - The acquisition to increase the scale and scope of the company's data center operations by adding seven data centers in Houston, Dallas, and Austin.
Cincinnati Bell Inc., a provider of integrated communications solutions, today announced the completion of its acquisition of CyrusOne, a data center operator, from ABRY Partners in a cash transaction valued at approximately $525 million.
The company explains that the acquisition increases the scale and scope of its data center operations by adding seven data centers in Houston, Dallas, and Austin with a total of 174,000 square feet of data center capacity. As a result, its Technology Solutions segment will have a combined total of 620,000 square feet of data center capacity in 17 facilities, and, based on annualized first quarter 2010 results, combined operating income of approximately $56 million and adjusted earnings before interest, income taxes, depreciation and amortization (Adjusted EBITDA1) of approximately $93 million.
It says that the company announced its agreement to acquire CyrusOne on May 12, 2010. The company adds that in connection with this transaction, it entered into new long-term senior credit facilities, comprised of a $210 million secured revolving credit facility and a $760 million secured term loan credit facility.
"The acquisition of CyrusOne is an important step in our long-term strategy of becoming the preferred global data center colocation provider to Fortune 1000 companies," said Jack Cassidy, President and Chief Executive Officer of Cincinnati Bell. "With more than 600,000 square feet of high quality data center space and almost $100 million of Adjusted EBITDA, we believe the combined data center business of Cincinnati Bell and CyrusOne makes us one of the largest data center companies in the U.S. and strongly positions us to help large enterprise customers manage their global data center requirements with highly cost-efficient and flexible solutions."
Dave Ferdman, Founder and Chief Executive Officer of CyrusOne, added, "Our customers have been asking us to expand outside of Texas for years, and until now we have been reluctant to do so as we didn't have the size and scale that we now have with Cincinnati Bell. We are looking forward to accelerating the growth of our business and believe this combination will offer our customers the opportunity to grow with us internationally as we create a global data center business."
Cincinnati Bell Inc., a provider of integrated communications solutions, today announced the completion of its acquisition of CyrusOne, a data center operator, from ABRY Partners in a cash transaction valued at approximately $525 million.
The company explains that the acquisition increases the scale and scope of its data center operations by adding seven data centers in Houston, Dallas, and Austin with a total of 174,000 square feet of data center capacity. As a result, its Technology Solutions segment will have a combined total of 620,000 square feet of data center capacity in 17 facilities, and, based on annualized first quarter 2010 results, combined operating income of approximately $56 million and adjusted earnings before interest, income taxes, depreciation and amortization (Adjusted EBITDA1) of approximately $93 million.
It says that the company announced its agreement to acquire CyrusOne on May 12, 2010. The company adds that in connection with this transaction, it entered into new long-term senior credit facilities, comprised of a $210 million secured revolving credit facility and a $760 million secured term loan credit facility.
"The acquisition of CyrusOne is an important step in our long-term strategy of becoming the preferred global data center colocation provider to Fortune 1000 companies," said Jack Cassidy, President and Chief Executive Officer of Cincinnati Bell. "With more than 600,000 square feet of high quality data center space and almost $100 million of Adjusted EBITDA, we believe the combined data center business of Cincinnati Bell and CyrusOne makes us one of the largest data center companies in the U.S. and strongly positions us to help large enterprise customers manage their global data center requirements with highly cost-efficient and flexible solutions."
Dave Ferdman, Founder and Chief Executive Officer of CyrusOne, added, "Our customers have been asking us to expand outside of Texas for years, and until now we have been reluctant to do so as we didn't have the size and scale that we now have with Cincinnati Bell. We are looking forward to accelerating the growth of our business and believe this combination will offer our customers the opportunity to grow with us internationally as we create a global data center business."
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