A market cap of nearly $8 bln would make Switch a pricey target. With tech valuations under pressure, this might be the top for data-center dealmaking, writes JMAGuilford:
Brookfield Asset Management is one of the potential buyers interested in purchasing U.S. data center operator Switch, Bloomberg News reported on May 2.
Switch shares were up 7% on May 3 compared with where they were trading before the Bloomberg story was published. They were trading at $31.69 at 1540 GMT, giving the company a market capitalization of $7.7 billion. Switch said in August 2021 it would add a representative of activist investor Elliott Investment Management to its board as part of a review of various shareholder value initiatives. Elliott owns roughly 4% of Switch’s shares.
Data center deals done in the past year include CyrusOne’s $15 billion sale to KKR and Global Infrastructure Partners, as well as CoreSite Realty’s $10 billion sale to American Tower, which were both announced in November 2021. Brookfield previously purchased a portfolio of data centers from AT&T for $1.1 billion in 2018.The Switch logo is pictured on a data center in Las Vegas, Nevada, U.S., October 6, 2017.
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