Simpson Thacher is representing affiliates of DigitalBridge Group, Inc. (“DigitalBridge”) and IFM Investors (“IFM”) in connection with their signed definitive agreement and plan of merger to acquire Switch, Inc. (“Switch”). Under the terms of the agreement, Switch stockholders will receive $34.25 in cash per share of Switch’s common stock in a transaction valued at $11 billion, including the assumption of debt. The transaction would result in Switch transitioning from a public company to a privately held company. The closing of the deal is subject to customary conditions, including regulatory approvals and approval by Switch stockholders. The transaction is expected to close in the second half of 2022.
Switch, Inc. (NYSE: SWCH) is the independent leader in exascale data center ecosystems, edge data center designs, industry-leading telecommunications solutions and next-generation technology innovation.
DigitalBridge (NYSE: DBRG) is a leading global digital infrastructure firm. With a heritage of over 25 years investing in and operating businesses across the digital ecosystem including cell towers, data centers, fiber, small cells, and edge infrastructure, the DigitalBridge team manages a $47 billion portfolio of digital infrastructure assets on behalf of its limited partners and shareholders.
IFM Investors was established more than 25 years ago with the aim to protect and grow the long-term retirement savings of working people. Owned by a group of Australian pension funds, the organization has A$180 billion under management as of December 31, 2021.
The Simpson Thacher team representing the consortium includes David Lieberman, Christopher May, Jacqui Bogucki, Isaac Syed and Braxton Duhon (Corporate); Krista Miniutti, Justin Vilinsky, Dennis Loiacono, Stephanie Kantor and Leanne Welds (Real Estate); Brian Gluck and Alexander Kleinhaus-Resisi (Credit); Drew Purcell and Brian Mendick (Tax); Hui Lin and Katie Lunt (Capital Markets); David Rubinsky, Linda Barrett and Josh Stephens (ECEB); Toby Chun and Deepa Sarkar (Environmental); and Lori Lesser, Bobbie Burrows and Suyoung Jang (IP).