(Switch) Shares of Switch Inc. rose more than 8% on Wednesday after confirming it was going private in an $11 billion deal by DigitalBridge Group.
The deal values Switch at $34.25 per share. DigitalBridge will acquire all the outstanding shares of the company, including debt.
Switch founder and CEO Rob Roy said that the deal is important in realizing the company’s long-term vision of achieving growth and positioning it towards meeting its consumer needs.
Thomas Morton, Switch’s President, says the deal offers an immediate and significant value to its stockholders.
The deal is expected to close in the second half of this year, subject to the approval of Switch stockholders.
SWCH: NYSE is up +8.07%.
