Welcome to our dedicated page for SVAC news (Ticker: SVAC), a resource for investors and traders seeking the latest updates and insights on SVAC stock.
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Starboard Value Acquisition Corp. (SVAC) has announced stockholder approval for its business combination with Cyxtera Technologies, a leader in data center services. This vote took place during a Special Meeting, with a Form 8-K filing to follow. Post-combination, SVAC will issue 106.1 million Class A shares to SIS Holdings and others, totaling 165.9 million shares outstanding with $493 million in cash available before expenses. The transaction is set to close on July 29, 2021, with trading under the new ticker CYXT commencing on July 30, 2021.
Starboard Value Acquisition Corp. (SVAC) announced a special meeting for stockholders on July 28, 2021, to vote on the merger with Cyxtera Technologies, Inc. Notice was sent on July 16, 2021, to stockholders recorded by June 28, 2021. Due to COVID-19, the meeting will be conducted remotely. Stockholders wishing to redeem their shares must do so by July 26, 2021. The merger is subject to stockholder approval and other customary conditions, with expectations to close post-meeting.
Cyxtera Technologies announced a definitive merger agreement with Starboard Value Acquisition Corp. (SVAC), valued at approximately $3.4 billion. This merger positions the combined entity as the third largest publicly held global provider of retail colocation and interconnection services. Cyxtera, which has 61 data centers globally, reported estimated revenues of $690 million and an Adjusted EBITDA of $213 million in 2020. The transaction, expected to close mid-2021, will provide $654 million in proceeds to retire debt and support growth initiatives.
