CyrusOne: CyrusOne exploring the sale of its company

Sep 29, 2021 | Posted by Abdul-Rahman Oladimeji

According to Reuters, CyrusOne is considering the sale of its business. It is said to be exploring some strategic changes that might include a sale. CyrusOne is a real estate investment trust that has a market cap of up to $9 billion. The Company is exploring its options with investment bank Morgan Stanley.

Reuters reports that CyrusOne is under massive pressure from some key investors to address its poor financial performance and heavy management turnover. The outcome of the deliberations on whether to sell its business or not is unpredictable. However, CyrusOne’s stock price improved by up to seven percent since the news broke out. CyrusOne previously considered the sale of its business back in 2019. At the time, Bloomberg reported that about three investment firms were exploring the option of buying the Company.

In the Company’s recent quarter result, CyrusOne had quarterly revenue of $284.6 million, an eleven percent increase year on year. It made a net income of $7.4 million which was an 84 percent decrease. It also had an adjusted quarterly EBITDA of $141.9 million, a four percent increase.

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