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Equinix : to acquire portfolio of 24 Data Center sites from Verizon

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12/09/2016 | 11:13am CET

Equinix, Inc., the global interconnection and data center company, has announced it has entered into a definitive agreement to purchase a portfolio of 24 data center sites and their operations from Verizon Communications Inc. for $3.6 billion in an all cash transaction.

The 24 sites consist of 29 data center buildings across 15 metro areas. The addition of these strategic facilities and customers will further strengthen Equinixs global platform by: increasing interconnection in the U.S. and Latin America; opening three new markets in Bogot, Culpeper and Houston; and accelerating Equinixs penetration of the enterprise and strategic market sectors, including government and energy.

The acquisition of these assets will enable Equinix customers to further respond to a key market trend that is enabling their evolution from traditional businesses to digital businesses -- the need to globally interconnect with people, locations, cloud services and data. Additionally, customers will have the opportunity to operate on an expanded global platform to process, store and distribute larger volumes of latency sensitive data and applications at the digital edge, closer to end-users and local markets.

The acquired portfolio includes approximately 900 customers, with a significant number of enterprise customers new to Equinixs platform, and it adds approximately 2.4 million gross square feet.

It will bring Equinix`s total global footprint to 175 data centers in 43 markets and approximately 17 million gross square feet across the Americas, Europe and Asia-Pacific markets.

The transaction is expected to close by mid-2017, subject to the satisfaction of customary closing conditions.

Commenting on the deal, Steve Smith, President and CEO at Equinix said: This unique opportunity complements and extends Equinixs strategy to expand our global platform. It enables us to enhance cloud and network density to continue to attract enterprises, while expanding our presence in the Americas.

The new assets will bring hundreds of new customers to Platform Equinix while establishing a presence in new markets and expanding our footprint in existing key metros.

The deal will also provide significant value for shareholders as the proposed transaction is expected to be immediately accretive to our adjusted funds from operations per share upon close.

Karl Strohmeyer, President, Americas, Equinix said: This deal is a significant win for our existing customers, who will gain access to new locations, ecosystems and partners.

It is also a win for the new companies joining Equinix, as they will be able to leverage Equinixs global footprint and unique interconnection services.

At Equinix, companies can architect a globally consistent platform within local metros, keeping their critical data and processing capabilities as close as possible to the digital edge and end-users.

Highlights / Key Facts

The transaction includes 29 data center buildings across 24 sites in 15 metro areas, including Atlanta (Atlanta and Norcross), Bogot, Boston (Billerica), Chicago (Westmont), Culpeper, Dallas (Irving, Richardson-Alma and Richardson-Pkwy), Denver (Englewood), Houston, Los Angeles (Torrance), Miami (Miami and Doral), New York (Carteret, Elmsford and Piscataway), So Paulo, Seattle (Kent), Silicon Valley (Santa Clara and San Jose), and Washington, D.C. (Ashburn, Manassas and Herndon).

The addition of the new data center assets will greatly expand Equinixs global platform for enterprises by adding new markets and Fortune 1000 enterprise customers. It expands capacity in existing markets, such as Atlanta, Denver, Miami, New York, So Paulo, Seattle and Silicon Valley, and it provides a platform for the future expansion of the acquired data centers.

The NAP (Network Access Point) of the Americas facility in Miami is a key interconnection point and will become a strategic hub and gateway for Equinix customer deployments servicing Latin America. Combined with the Verizon data centers in Bogot and the NAP do Brasil in So Paulo, it will strategically position Equinix in the growing Latin American market.

The NAP of the Capital Region in Culpeper, VA is a highly secure campus focused on government agency customers, strengthening Equinix as a platform of choice for government services and service providers.

Approximately 250 Verizon employees, primarily in the operations functions of the acquired data centers, will become Equinix employees.

(c) 2016 Emirates News Agency (WAM) Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials ($)
Sales 2016 125 834 M
EBIT 2016 27 353 M
Net income 2016 12 420 M
Debt 2016 83 713 M
Yield 2016 4,47%
P/E ratio 2016 16,21
P/E ratio 2017 12,69
EV / Sales 2016 2,32x
EV / Sales 2017 2,27x
Capitalization 208 438 M
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Mean consensus HOLD
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Average target price 52,9 $
Spread / Average Target 3,5%
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Lowell C. McAdam Chairman & Chief Executive Officer
John G. Stratton President-Operations & Executive Vice President
Matthew D. Ellis Chief Financial Officer & Executive Vice President
Roger Gurnani Chief Information & Technology Architect, EVP
Donald T. Nicolaisen Independent Director
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