OTPP and Investor Group Acquire Q9 Networks Inc
According to the press release, “An investor group, comprising Ontario Teachers’ Pension Plan (Teachers’), Providence Equity Partners (Providence) and Madison Dearborn Partners LLC (Madison Dearborn), and BCE Inc. (Bell) today announced an agreement to acquire 100% of Canadian data centre operator Q9 Networks Inc. (Q9) for C$1.1 billion.
Under the agreement, Teachers’, Providence and Madison Dearborn will contribute 70%, or C$420 million, of the equity funding and Bell will provide the remaining 30%, or C$180 million. New debt financing by Q9, already committed, will also fund a portion of the acquisition. The transaction is expected to close before the end of 2012, subject to regulatory approval and customary closing conditions.
With 11 data centres in Alberta, British Columbia and Ontario, Q9 is Canada’s leading provider of outsourced data centre solutions for organizations with mission-critical IT operations. Q9 will continue to be headquartered in Toronto and operate as a stand-alone entity. Existing Q9 management will continue operating the company, including Chief Executive Officer Osama Arafat and President & Chief Operating Officer Paul Sharpe, both recognized leaders in the data centre infrastructure space.”
Read more: OTPP Press Release
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