Davis Polk & Wardwell LLP is advising Equinix, Inc. on its acquisition of Switch & Data Facilities Company, Inc. Based in Tampa, Florida, Switch & Data is a provider of data center and Internet exchange services. Headquartered in Foster City, California, Equinix is a premier provider of global data center services.
According to the terms of the acquisition, Switch & Data stockholders will have the opportunity to elect to receive either 0.19409 shares of Equinix stock or $19.06 in cash for each share of Switch & Data stock. The overall consideration to be paid by Equinix in the acquisition will be 80% Equinix stock, 20% cash. In the event that holders of more than 80% of Switch & Datas stock elect to receive Equinix stock or holders of more than 20% of Switch & Datas stock elect to receive cash, the merger consideration will be pro-rated to achieve these proportions. The transaction is valued at approximately $689 million and is expected to be completed in early 2010, pending shareholder and regulatory approval.
The Davis Polk corporate team includes partners Alan F. Denenberg and Mischa Travers and associates Christopher D. Kelley and Patrick Spencer. Partner Rachel D. Kleinberg and associate M. Ryan LaRosa are providing tax advice, counsel Cynthia Akard is providing employment advice and associate Vishnu Reddy is providing intellectual property advice. Partner Arthur J. Burke, counsel Stephen M. Pepper and associate Edward N. Moss, all of the New York office, are providing antitrust advice. Except as noted above, all members of the Davis Polk team are based in the Menlo Park.
D.C.