DigitalBridge Group, Inc. (NYSE: DBRG) (“DigitalBridge”) and IFM
Investors today announced they have completed their previously
announced transaction in which funds affiliated with the investment
management platform of DigitalBridge and an affiliate of IFM
Investors acquired all outstanding common shares of Switch, Inc.
(“Switch”) for $34.25 per share in cash, or approximately $11
billion, including the repayment of outstanding debt.
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“We are excited to embark on the next chapter of Switch’s
evolution in partnership with DigitalBridge and IFM Investors, two
leading digital infrastructure investment firms,” said Rob Roy,
Founder and Chief Executive Officer of Switch. “With their
strategic expertise and financial resources, Switch is ideally
positioned to meet growing customer demand for the world’s most
advanced and environmentally sustainable data center
infrastructure.”
Jon Mauck, Senior Managing Director at DigitalBridge Investment
Management, said, “We are delighted to partner with Rob and the
Switch team as DigitalBridge continues to grow our portfolio of
high-quality digital infrastructure assets globally. With a shared
vision for the future of communications infrastructure, Switch, IFM
Investors and DigitalBridge are ideal partners, and together we
will scale Switch’s business domestically and internationally to
meet the robust enterprise demand for mission-critical digital
infrastructure.”
Kyle Mangini, Global Head of Infrastructure at IFM Investors,
said, “IFM Investors is excited to join DigitalBridge to support
Switch in its next phase of growth. Switch’s excellence in data
center design and operations, along with its industry leadership in
sustainability, makes the company an ideal fit for IFM Investors as
we seek to deliver returns to our investors and maximize the
retirement savings of the millions of working people they
represent.”
With the completion of the transaction, Switch common stock is
no longer listed for trading. Switch was previously traded on the
New York Stock Exchange under the ticker symbol “SWCH.”
Debt financing for the transaction was led by TD Securities, who
acted as Joint Lead Arranger, Joint Bookrunner and Administrative
Agent, along with Joint Lead Arrangers and Joint Lead Bookrunners
Societe Generale, Royal Bank of Canada, Citizens Bank, N.A., Truist
Securities, Inc., Banco Santander, S.A., 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.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of federal securities laws. Forward-looking statements
in this press release include, but are not limited to, statements
regarding the consummation of the transaction described above,
future development and data center campus capacity. These
forward-looking statements involve a number of risks and
uncertainties that could cause actual results to differ materially
from those indicated in such forward-looking statements, including
but not limited to the demand for, and the growth and development
of, Switch’s business and its technology, the growth of the digital
infrastructure industry, Switch’s market position, and the ability
of the parties to realize the benefits expected from the
transaction. The forward-looking statements in this press release
are based on information available to Switch, DigitalBridge, and
IFM Investors as of the date hereof, and Switch, DigitalBridge, and
IFM Investors disclaim any obligation to update any forward-looking
statements to reflect any change in its expectations or any change
in events, conditions, or circumstances on which any such statement
is based, except as required by law. For additional information
regarding forward-looking statements, please refer to discussions
under the captions "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operation" and
elsewhere in Switch's most recent Annual Report on Form 10-K and in
Switch's other reports filed with the Securities and Exchange
Commission ("SEC"). Switch's SEC filings are available on the
Investor Relations section of its website at investors.switch.com
and on the SEC's website at www.sec.gov.
About Switch
Switch, Inc. is a leader in exascale data center ecosystems,
edge data center designs, industry-leading telecommunications
solutions and next-generation technology innovation. Switch Founder
and CEO Rob Roy has developed more than 700 issued and pending
patent claims covering data center designs that have manifested
into the company’s world-renowned data centers and technology
solutions.
About DigitalBridge
DigitalBridge (NYSE: DBRG) is a leading global digital
infrastructure firm. With a heritage of over 25 years investing in
and operating businesses across the digital ecosystem including
cell towers, data centers, fiber, small cells, and edge
infrastructure, the DigitalBridge team manages a $50 billion
portfolio of digital infrastructure assets on behalf of its limited
partners and shareholders. Headquartered in Boca Raton,
DigitalBridge has key offices in New York, Los Angeles, London, and
Singapore. For more information, visit: www.digitalbridge.com.
About IFM Investors
IFM Investors is a global investment management firm and one of
the largest infrastructure investors in the world. Established more
than 25 years ago with the aim of protecting and growing the
long-term retirement savings of working people, IFM Investors is
owned by a group of Australian pension funds and manages, as of
June 30, 2022, AU$199 billion (approximately $132 billion). For
more information, visit: www.ifminvestors.com.
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Switch Investor Contact: Matthew Heinz, CFA VP of
Investor Relations (702) 479-3993 investorrelations@switch.com
DigitalBridge Investors: Severin White Managing Director,
Head of Public Investor Relations (212) 547-2777
severin.white@digitalbridge.com
DigitalBridge Media: Jon Keehner / Aura Reinhard / Jack
Kelleher Joele Frank, Wilkinson Brimmer Katcher (212) 355-4449
DBRG-jf@joelefrank.com
IFM Investors: Gian-Carlo Peressutti Director, Public
Affairs IFM Investors (203) 733 7806
gian-carlo.peressutti@ifminvestors.com
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