Cyxtera Receives Court Approval for Sale to Brookfield and Plan of Reorganization
16 Novembro 2023 - 7:06PM
Business Wire
Transaction positions company to increase data
center facility ownership, pursue expansion opportunities that
support robust customer demand, and drive next phase of growth
Cyxtera (OTC: CYXTQ) (“the Company”), a global leader in data
center colocation, interconnection services, and digital
infrastructure, today announced that the U.S. Bankruptcy Court for
the District of New Jersey has approved the sale of substantially
all of the Company’s assets to Brookfield Infrastructure Partners
L.P. (NYSE: BIP, TSX: BIP.UN) and its institutional partners
(collectively “Brookfield”) and will confirm Cyxtera’s Plan of
Reorganization.
“We are pleased to be moving forward with our sale to
Brookfield, which will provide Cyxtera with additional financial
flexibility and enable us to benefit from Brookfield’s global
infrastructure expertise,” said Nelson Fonseca, Cyxtera’s Chief
Executive Officer. “Demand for our innovative data center services
remains high, and we see significant opportunities ahead with our
customers as we enter this next phase of growth.”
As previously announced on November 1, 2023, Cyxtera entered
into an asset purchase agreement (“APA”) with Brookfield for a sale
of substantially all of the Company’s assets. In connection with
the APA, Brookfield entered agreements with certain of the
Company’s landlords to purchase the real estate underlying seven of
Cyxtera’s U.S. data centers. Additionally, Cyxtera amended the
terms of its leases at three U.S. sites and three international
sites to allow it to exit those sites in 2024. Collectively, these
transactions will strengthen and optimize Cyxtera’s data center
portfolio, better positioning it for the long term.
Fonseca continued, “Our partnership with Brookfield will
strengthen our business, and we remain committed to ensuring the
transition is as seamless as possible for all our stakeholders. We
appreciate the continued support of our customers and partners
throughout this process, and we thank our employees for their
unwavering commitment to serving our customers.”
Cyxtera expects to complete the transaction with Brookfield,
subject to regulatory approval and the satisfaction of customary
closing conditions, and emerge from the court-supervised process in
the first quarter of 2024.
Additional Information
Additional information regarding the Company’s court-supervised
process is available at www.CyxteraRestructuring.com. Court filings
and other information related to the proceedings are available on a
separate website administrated by the Company’s claims agent, KCC,
at www.kccllc.net/cyxtera; by calling KCC toll-free at (877)
726-6510, or (424) 236-7250 for calls originating outside of the
U.S. or Canada; or by emailing KCC at cyxterainfo@kccllc.com.
Kirkland & Ellis LLP is serving as legal counsel to Cyxtera,
Guggenheim Securities, LLC is serving as financial advisor, and
AlixPartners, LLP is serving as restructuring advisor. Moelis &
Co. is serving as exclusive financial advisor to Brookfield on the
acquisition of Cyxtera. Wells Fargo and TD Securities are serving
as joint financial advisors to Brookfield on the acquisition of the
real estate underlying seven Cyxtera data centers and the pro forma
combined entity, and are providing committed debt financing for the
broader transaction. Paul, Weiss, Rifkind, Wharton & Garrison
LLP is serving as Brookfield’s legal counsel.
About Cyxtera
Cyxtera is a global leader in colocation, interconnection
services, and digital infrastructure. With IT infrastructure
becoming increasingly hybrid, complex, and distributed, Cyxtera
continues to expand its portfolio beyond space and power to deliver
more cloud-like and flexible infrastructure solutions across its
global data center platform and robust partner ecosystem. Today,
Cyxtera provides more than 2,300 enterprise and government
customers with the technology solutions they need to scale faster,
achieve financial goals, and gain a competitive advantage. For more
information, please visit www.cyxtera.com.
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of the federal securities laws. Because forward-looking
statements are predictions, projections and other statements about
future events that are based on current expectations and
assumptions, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict and many of
which are outside of Cyxtera’s control. Actual results and
conditions (financial or otherwise) may differ materially from
those indicated in the forward-looking statements. These
forward-looking statements are subject to a number of risks and
uncertainties that could cause actual results and conditions to
differ materially from those indicated in the forward-looking
statements, including, but not limited to, the risk that the
transactions contemplated by the APA will not be consummated, or if
they are consummated, that the transactions will not close within
the anticipated time period or that the expected benefits of the
transactions will not be realized when expected or at all; the risk
that one or more conditions to closing under the APA cannot be
satisfied; the occurrence of any event, change or other
circumstances that could give rise to the right of Cyxtera or
Brookfield to terminate the APA; the possibility that the
transactions may be more expensive to complete than anticipated;
risks and uncertainties relating to Cyxtera’s Chapter 11 cases (the
“Chapter 11 Case”), including, but not limited to, Cyxtera’s
ability to obtain Bankruptcy Court approval with respect to motions
or other requests in the Chapter 11 Case, the effects of the
Chapter 11 Case on Cyxtera and on the interests of various
creditors, stockholders and other constituents; Bankruptcy Court
rulings in the Chapter 11 Case and the outcome of the Chapter 11
Case in general; the length of time the Company will operate under
the Chapter 11 Case; risks associated with third-party motions in
the Chapter 11 Case; the potential adverse effects of the Chapter
11 Case on the Company’s liquidity or results of operations and
increased legal and other professional costs necessary to execute
the reorganization; uncertainty associated with evaluating and
completing any strategic or financial alternative as well as
Cyxtera’s ability to implement and realize any anticipated benefits
associated with the alternative pursued; the impact of any
challenge by creditors or other parties to previously completed
transactions; the consequences of the acceleration of the Company’s
debt obligations; and any other statements regarding plans,
objectives, expectations and intentions and other statements that
are not historical facts. The foregoing list of factors is not
exhaustive. You should carefully consider the foregoing factors and
the “Risk Factors” disclosed in Cyxtera’s filings with the SEC from
time to time. There may be additional risks that Cyxtera does not
presently know of or that it currently believes are immaterial that
could also cause actual results to differ from those contained in
the forward-looking statements. In addition, forward-looking
statements reflect Cyxtera’s expectations, plans or forecasts of
future events and views as of the date of this press release.
Accordingly, you should not place undue reliance upon any such
forward-looking statements in this press release. Neither Cyxtera
nor any of its affiliates assume any obligation to update this
press release, except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20231116159695/en/
Media Inquiries Janice Clayton press@cyxtera.com
Aaron Palash / Meaghan Repko / Aura Reinhard / Rose Temple Joele
Frank, Wilkinson Brimmer Katcher (212) 355-4449
Investor Inquiries Kwang Edeker IR@cyxtera.com
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