DigitalBridge Group, Inc. and IMF Investors have announced their acquisition of Switch Inc.
The transaction includes all outstanding common shares of Switch Inc for US$34.25 per share in cash which is approximately US$11 billion, including the repayment of outstanding debt.
Debt financing for the transaction was led by TD Securities, who acted as Joint Lead Arranger, the Bank of Nova Scotia, and MUFG Bank Ltd. Dechert LLP served as legal counsel to the lenders. Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC acted as financial advisors to the Special Committee of the Board of Directors of Switch, and Latham & 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 & Bartlett LLP acted as their legal counsel.