Aug 04, 2022 | Posted by Abdul-Rahman Oladimeji
365 Data Centers is looking to acquire the major stake in Sungard's US networking and colocation business. Earlier in the year, Sungard US, Canadian, and UK operations filed for bankruptcy. The company also sold most of its UK operations to MSP Redcentric and UK telecommunication company Daisy Group. According to Bloomberg, 365 DC has made a $52.5 million bid for the business. The deal is subject to customary closing conditions and court approval. The court is scheduled to have a hearing on the deal on August 24, 2022.
Sungard operates up to 18 workplace recovery centers and/or data centers across the United States. These facilities total more than 278,700 square meters (3 million square feet). However, 365 is only acquiring Sungards' customers and data center facilities in eight strategic edge markets. The acquisition also includes Sungards' US routes and network infrastructure.
The CEO of Sungard, Michael Robinson, said: "We have been working hard to determine the best path forward for our business in a manner that meets the critical needs of our customers while strengthening our operating cost structure. The combination of 365 Data Centers and our US Colocation and Network business is an important next step in this process and presents an exciting opportunity in the marketplace with a growing, strong, reputable buyer who is committed to our customers." 365 funded the transaction from existing equity owners.
