Cyxtera to merge with Starboard SPAC in a $3.4 billion deal
The deal with Starboard Value Acquisition Corp. values the combined entity at $3.4 billion. Cyxtera provides co-location services, which allow companies to keep their privately-owned servers and networking equipment in a third-party data center. Cyxtera's current owners will own about 58% of the combined company. SPACs - one of Wall Street’s investment vehicle darlings this year - are shell companies that raise money through an initial public offering to take a private company public. Just two weeks ago, Miami-based cybersecurity company Appgate , a spinoff of Medina’s Cyxtera, announced it would also become a public company through an agreement to merge with the publicly traded SPAC Newtown Lane Marketing in a $1 billion deal.