SWCH - Switch gains after DigitalBridge agrees to purchase for about $11B in cash

Switch (NYSE:SWCH) rose 8.9% in premarket trading after DigitalBridge (NYSE:DBRG) agreed to purchase the data-center operator for about $11 billion in cash, including the assumption of debt.  DigitalBridge (DBRG) agreed to pay $34.25/share for Switch (SWCH), according to a statement. The deal represents an 11% premium to Tuesday's closing price and a 19% premium to its March 18 closing price, before a report about a potential sale was circulated.  The DigitalBridge (DBRG) deal follows a report from Bloomberg on Monday that DigitalBridge was competing against Brookfield Asset Management (BAM) for the data-center operator.  The transaction is expected to close in the second half of this year.  Goldman Sachs and Morgan Stanley acted as financial advisors to the special committee of the board of directors of Switch, and Latham & Watkins acted as its legal counsel. RBC Capital Markets served as lead financial advisor and TD Securities served as co-advisor to DigitalBridge and IFM,

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Switch gains after DigitalBridge agrees to purchase for about $11B in cash