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Data Centre Operator Switch to be Taken Private by DigitalBridge Investment Management and IFM.

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MANews-(C)2009-2022

US-based data centre operator Switch, Inc. (NYSE: SWCH) has entered into a definitive agreement with US-based digital infrastructure firm DigitalBridge Group, Inc. (NYSE: DBRG), under which DBRG's DigitalBridge Partners II digital infrastructure equity strategy and an affiliate of global infrastructure investor Australian investment manager IFM Investors will acquire all outstanding common shares of Switch for USD 34.25 per share in an all-cash transaction valued at approximately USD 11bn, including the assumption of debt, the company said.

The transaction, which was unanimously approved by a special committee of the Switch board of directors, is expected to close in the second half of 2022.

The transaction is subject to approval by Switch stockholders and the satisfaction of other customary closing conditions. Upon completion of the transaction, Switch will no longer be traded or listed on any public securities exchange.

Goldman Sachs and Co. LLC and Morgan Stanley and Co. LLC acted as financial advisors to the Special Committee of the board of directors of Switch, and Latham and Watkins LLP acted as its legal counsel.

RBC Capital Markets, LLC served as lead financial advisor and TD Securities served as co-advisor to DigitalBridge and IFM, and Simpson Thacher and Bartlett LLP acted as their legal counsel.

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