Data center operator Equinix announced on Wednesday that the boards of its subsidiary, Equinix UK and European colocation service provider IXEurope have reached agreement on improved terms for the acquisition of all of the outstanding shares of IXEurope for 140 pence per share.
In exchange, Equinix UK says it has now received hard irrevocable undertakings from the IXEurope directors and from shareholders who together hold approximately 67 percent of the existing issued ordinary share capital of IXEurope to vote in favor of the resolutions to approve the acquisition.
"The announcement of our intention to acquire IXEurope three weeks ago created additional interest in the company and an unsolicited approach from another company," says Steve Smith, CEO of Equinix.
"The acquisition of IXEurope by Equinix will solidify Equinix's position as the world's market leading colocation provider with high-quality data centers across the United States, Asia-Pacific and Europe and is strategic to our growth. This announcement today secures our acquisition plan at a fair and equitable price."
Equinix intends to integrate IXEurope's network-neutral data center business and operations under the Equinix brand and is targeting completion of the transaction in mid-September 2007.
Source: The WHIR News