DigitalBridge Group, Inc. (“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.
“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.”