M&A · Financials · Real Estate Investment Trusts
KKR and Global Infrastructure Partners to acquire CyrusOne Inc.
Announced Nov 15, 2021 · Closed Mar 25, 2022
Deal value$15.00BEV $14.54B
Premium25.0%To unaffected price
EV / Adj. EBITDA25.7x12.6x EV / Revenue
ConsiderationAll cash$90.50 per share
Transaction
- Acquirer
- KKR and Global Infrastructure Partners
- Target
- CyrusOne Inc. (CONE)
- Buyer type
- Private equity
- Offer price per share
- $90.50
- Enterprise value
- $14.54B
- Status
- Closed Mar 25, 2022
Deal protections
- Break fee (target pays)
- $320M · 2.1%
- Reverse fee (buyer pays)
- $814M · 5.4%
- Go-shop
- No-shop
- Financing
- Committed · Citigroup, Barclays, Morgan Stanley
Advisors
- To the acquirer
- Goldman Sachs, Barclays, Wells Fargo, Citigroup, JPMorgan
- To the target
- Morgan Stanley, DH Capital
- Morgan Stanley fee
- $68.0M
Sector context · Financials
- Comparable deals
- 65 in the prior 24 months
- Premium
- 25.0% vs. 35.7% sector median
- EV / Adj. EBITDA
- 25.7x vs. 21.6x sector median
- Break fee
- 2.1% vs. 3.6% sector median
Timeline
- AnnouncedNov 15, 2021
- Proxy filedDec 17, 2021
- Definitive proxyDec 30, 2021
- Shareholder voteFeb 1, 2022
- ClosedMar 25, 2022
Valuation · fairness opinions
Discounted cash flow$74.99$89.71
Analyst price targets$70.00$90.00
Analyst price targets$65.99$84.84
Analyst price targets$59.00$92.60
Precedent transactions$82.73$93.25
Offer $90.50
Implied value per CyrusOne Inc. share by analysis, from Morgan Stanley.