MIAMI–(BUSINESS WIRE)–Cyxtera, a global leader in data center colocation and interconnection services, today announced that its Board of Directors unanimously approved Cyxtera’s conversion to a real estate investment trust for federal income tax purposes with a target to complete the conversion by January 1, 2023.
“Following a thorough analysis of the impact a REIT election would have on our business, we are confident the REIT structure will best position us for continued growth while maximizing long-term shareholder value. We look forward to completing the REIT conversion process over the next few months,” said Carlos Sagasta, Chief Financial Officer of Cyxtera.
Cyxtera has determined that it is advisable to effectuate certain restructuring transactions in connection with completing the REIT conversion, including (a) reincorporation to Maryland; (b) the adoption of charter provisions to establish REIT-related ownership restrictions; and (c) separating a portion of its business into taxable REIT subsidiaries. Cyxtera’s planned time frame for REIT conversion is driven by a number of factors, including the timing to complete these restructuring transactions; obtaining shareholder approval for the Maryland reincorporation; and preparing and publishing any filings required under applicable securities laws in connection with any of the foregoing (including the satisfactory completion of any required regulatory reviews).
Cyxtera is a global leader in colocation and interconnection services, with a footprint of more than 60 data centers in over 30 markets. With IT infrastructure becoming increasingly hybrid, complex, and distributed, Cyxtera continues to expand its portfolio beyond space and power to deliver more cloud-like and flexible infrastructure solutions across its global data center platform and robust partner ecosystem. Today, Cyxtera provides more than 2,300 enterprise and government customers with the technology solutions they need to scale faster, achieve financial goals, and gain a competitive advantage. For more information, please visit www.cyxtera.com.