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Cyxtera Closes Business Combination with SPAC.

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Vincent

MANews-(C)2009-2021

US-based data center colocation and interconnection services company Cyxtera Technologies, Inc has completed its business combination with special purpose acquisition company Starboard Value Acquisition Corp. (NASDAQ: SVAC), the company said.

The business combination, which was approved by SVAC's stockholders at its special meeting held on July 28, 2021, provides Cyxtera access to new capital sources to fuel growth, accelerate product and technology innovation, enhance its ability to quickly meet customer needs and support further strategic go-to-market efforts.

On July 30, 2021, Cyxtera's shares of class A common stock will begin trading on The NASDAQ Global Select Market under the symbol "CYXT" and its warrants under the symbol "CYXTW."

The company's leadership, including chair Manuel D. Medina, CEO Nelson Fonseca, COO Randy Rowland, and CFO Carlos Sagasta, will continue to lead Cyxtera.

Medina and Fonseca will also serve on the board of the combined company as chair and director, respectively, joined by Starboard Value LP CEO and former SVAC chair Jeff Smith and former SVAC Industry Advisor Greg Waters.

The other members of Cyxtera's board are BC Partners' Partner and chairman Raymond Svider and Partner Fahim Ahmed, John W. Diercksen, former SVAC director Michelle Felman and Melissa Hathaway.

The company received approximately USD 493m in total cash from the transaction before fees, expenses and debt amortization. Proceeds of the transaction will be used to partially retire company debt and provide incremental cash for growth, as...

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