WSJ cited sources that say the merger deal could be finalized by Monday and BC Partners and Medina Capital – private equity firms that own Cyxtera – intend to move their equity stakes into the combined entity.
Cyxtera is a retail colocation provider with more than 60 data centers worldwide supporting thousands of government agencies and companies. The Miami-based company, which reported approximately $690 million in 2020 revenue, launched in 2017 after Medina Capital and BC Partners combined Medina’s assets with the colocation business and data center portfolio of CenturyLink, which now operates as Lumen Technologies (NYSE: LUMN) in a $2.8 billion transaction.
SVAC is a special purpose acquisition company backed by Starboard Value, a shareholder activist that invests in technology and consumer companies. SVAC filed an initial public offering in 2020 and raised $360 million in funds through the IPO.
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