Two massive real estate investment trusts (REITs) that both focus on data centre buildouts, management and financing will both be taken over in $10bn+ acquisitions.
In the first deal, private equity investor KKR and investment outfit Global Infrastructure Partners agreed to acquire CyrusOne in a take-private transaction that values the business at $15bn.
CyrusOne looks after mostly US-based DCs but has significant European holdings. It designs, builds and operates over 50 high performance data centres all over the world. The business has properties across the US (where it has just over 102 acres of colocation space and draws 83 per cent of its revenues) and Europe (17 per cent of revenues – with 99 per cent of its colo space under lease).
The private equity types at KKR, incidentally, owned a 10 per cent stake in OVH Cloud and had intended to shed some of that stock at the time…