Equinix agrees to buy Switch & Data in $689 million deal
By APWednesday, October 21, 2009
Equinix to buy Switch & Data in $689M deal
FOSTER CITY, Calif. — Data center and Internet exchange service provider Equinix Inc. has agreed to buy rival Switch & Data Facilities Co. in a cash and stock deal worth about $689 million, the companies said on Wednesday.
Equinix said the deal will strengthen its position in the worldwide data center services market. It plans to integrate Switch and Data’s data center business and operations, including the company’s 34 data centers in 22 markets in the U.S. and Canada. As a result, it will have 79 data centers in 34 markets.
The acquisition is expected to close in the first quarter of next year.
Shares of Equinix fell 44 cents to close at $97.75.
Shares of Switch & Data climbed 17 cents to close at $14.40.
