FYIEQT Infrastructure has agreed to acquire edge data...

FYI

EQT Infrastructure has agreed to acquire edge data centreprovider EdgeConneX from an investor group led by Providence Equity Partners.The transaction is subject to customary closing conditions and is expected to close in the fourth quarter of 2020.With this transaction, EQT Infrastructure IV is expected to be 80-85% invested. No financial details were released regarding the transaction.EdgeConneX has developed over 40 facilities in 33 markets across North America, Europe and South America.EQT Infrastructure said it is committed to actively support EdgeConneX’s accelerated growth via new market entries and material expansions of existing locations.The data centre company’s footprint and business strategy is suited to support customers’ strategic data centre demands, from the hyperscale to the edge, the company said.“EQT brings significant financial resources and digital infrastructure industry experience which EdgeConneX will use to accelerate growth and invest in new data centres around the world,” said Randy Brouckman, CEO of EdgeConneX.“I look forward to continuing to lead EdgeConneX and we are very pleased to have EQT as our new owner and partner in this exciting growth phase.“On behalf of EdgeConneX, I thank our outstanding customers and partners, dedicated employees and long-term shareholders that gave us the latitude to succeed and create lasting value.”EQT said there will continue to be substantial opportunities for EdgeConneX to continue to develop critical infrastructure to support its customers’ needs.Jan Vesely, Partner at EQT Partners, said, “EQT has followed EdgeConneX’s journey from its early years to its growth into a top data centre industry player.“We are deeply impressed by EdgeConneX’s management team and the success they have had in creating a key contributor to the global cloud infrastructure.“This partnership represents an exciting opportunity for EQT in a sector and geographies where we have significant experience.“EQT looks forward to working with the team in continuing to grow the business and identify new expansion opportunities.”Evercore acted as financial advisor and Simpson Thacher & Bartlett LLP acted as legal counsel to EdgeConneX. Goldman Sachs acted as financial advisor and Kirkland & Ellis LLP acted as lead legal counsel to EQT Infrastructure.“We have enjoyed working with Randy and team over the past five years and are pleased to have helped the company grow significantly, especially overseas,” said Chris Ragona, Managing Director at Providence.“We fully expect EdgeConneX will continue its momentum and success as the company enters this next chapter. On behalf of our entire investor group, we wish them well.”