Activist fund Starboard helps data center firm Cyxtera close its valuation gap via SPAC merger

  • 📰 CNBC
  • ⏱ Reading Time:
  • 39 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 19%
  • Publisher: 72%

Canada News News

Canada Canada Latest News,Canada Canada Headlines

Cyxtera recently debuted on the public markets through a merger with Starboard Value Acquisition Corp., a special purpose acquisition company.

Starboard is a very successful activist investor and has extensive operational activism experience helping boards and management teams run companies more efficiently and improving margins. This is their 102nd 13D filing. In those 102 filings, they have averaged a return of 30.25% versus 13.76% for the S&P 500. Their average 13D hold time is 18 months.On July 29, 2021, Cyxtera Technologies, Inc.

Cyxtera was previously owned by CenturyLink before it was sold to Medina Capital and BC Partners who partnered together to acquire the assets. Manny Medina and Nelson Fonseca, both of Medina Capital, had previous experience in this space together. Medina built Terremark Worldwide, with Fonseca as his second.

The SPAC structure offers the company many advantages to allow it to grow at a quicker rate. First, it has a professional board with diverse experience to oversee management. Second, as a public, more transparent company, it has much more credibility in attracting large clients who can now do their due diligence quicker before signing long-term contracts and have the confidence that they are dealing with a public, government regulated entity.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

kabosuOfficial is the mother of all dogs ,moreover staking and farming is coming, it's unbelievable👍 kabosu DogeBTC dogelon dogearmy DogecoinToTheMoon dogecoin

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in CA

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Study: Tech Companies Need to Check Their Diversity Blindspots'80 percent of Black tech workers say they have experienced gender or racial discrimination in the workplace, with over 30 percent saying racial inequity happens “very frequently” in the tech industry.'
Source: Women 2.0 - 🏆 149. / 63 Read more »