Shares of CyrusOne Inc. (CONE) climbed 3.6% toward a record in premarket trading Monday, after the data center-focused real estate investment trust announced an agreement to be acquired by KKR & Co. Inc. (KKR) and Global Infrastructure Partners (GIP) in a deal valued at $15 billion, including debt. Under terms of the deal, KKR and GIP will pay $90.50 in cash for each CryusOne share outstanding, which is 5.9% above Friday's record closing price of $85.45. The buyout price implies a market capitalization for CyrusOne of $11.49 billion. The deal is expected to close in the second-quarter of 2022. "KKR and GIP will provide substantial additional resources and expertise to accelerate our global expansion and help us deliver the timely and reliable solutions at scale that our customers value," said CyrusOne Chief Executive Dave Ferdman. CryusOne's stock has gained 13.2% over the past three months through Friday, while the SPDR Real Estate Select Sector ETF (XLRE) has tacked on 3.1% and the S&P 500 has advanced 4.8%.
(END) Dow Jones Newswires
November 15, 2021 07:28 ET (12:28 GMT)
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