Akin Gump Advises Starboard Value in $3.4 Billion Merger with Cyxtera Technologies
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(New York) – Starboard Value Acquisition Corp. (SVAC), a publicly traded special purpose acquisition company, and Cyxtera Technologies, Inc., a global leader in mission-critical retail colocation and interconnection services, announced the signing of a definitive business combination agreement today. A team from Akin Gump advised SVAC on the transaction, which implies an enterprise value of approximately $3.4 billion.
Upon completion, the combined company will be the third largest publicly held global provider of retail colocation and interconnection services. The deal, which has been unanimously approved by the boards of directors of both SVAC and Cyxtera, is expected to close in mid-2021, subject to customary closing conditions, including the receipt of regulatory approvals, and approval by SVAC’s stockholders. Upon closing of the proposed business combination, the name of Starboard Value Acquisition Corp. will be changed to Cyxtera Technologies, Inc.
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The Akin Gump team was led by corporate practice head Jeffrey Kochian and fellow partners Kerry Berchem and Alice Hsu. They were joined by corporate senior counsel Alexandra Reuss, counsel Alyssa Dossick, Andrés Zambrano and Alena Geffner-Mihlsten, and associates Travis Cherry, Sanzana Faroque, Richard Kubiak, Camille Youngblood and Atena Sheibani-Nejad; tax partner Ron Nardini; and executive compensation and employee benefits partner Aimee Adler.
Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.
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