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Investment in European Data Center space continues

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Cross-border Eversheds Sutherland team advises CyrusOne on its agreement to acquire Zenium Data Centers

Eversheds Sutherland has advised US firm CyrusOne Inc. (CyrusOne), a premier global data center REIT, on its agreement with Quantum Strategic Partners Ltd (Quantum) to acquire Zenium Data Centers’ (Zenium), a leading hyperscale data center provider in Europe, for $442 million.

Quantum is a private investment fund managed by Soros Fund Management LLC. Zenium has four properties in London and Frankfurt, the continent’s two largest data center markets.

The transaction is expected to close in the first quarter of 2018, subject to the fulfillment of customary closing conditions including applicable regulatory approvals.

Partner Simon Gamlin led the Eversheds Sutherland team, which included specialists from its corporate, construction, technology, IP, share schemes, HR, real estate, and environmental practice groups. The team provided advice on the European aspects of the deal and included UK-based Head of Data Centers, Partner Mark Chester, Munich-based Partner Christof Lamberts and Principal Associate Anthony Cross.

Sullivan & Cromwell LLP led on the US aspects of the deal.

Simon Gamlin, commented:

“Investor activity in the European data center market continues to prove buoyant and this acquisition is one of the many examples of the high-quality opportunities available within this competitive and very exciting space.

“We’re pleased to have supported CyrusOne on this acquisition and to draw on the local sector expertise and knowledge of our European-based teams to ensure the best result for our client.”

Mark Chester, added:

“This has been a terrific end to an incredibly busy year. Aggregate value of M&A deal activity in the data center market is pushing $27bn for 2017, according to recent data sourced by industry publication, Data Economy – more than double the total value reached ($13bn) in 2016 – consolidation looks to be at an all-time high. We look forward to welcoming another busy year in 2018.”

Robert Jackson, Executive Vice President & General Counsel, CyrusOne, commented:

“The Zenium transaction is a key step in our European expansion strategy. Eversheds Sutherland was able to seamlessly integrate subject matter experts across multiple disciplines, providing commercially oriented, practical, cost-efficient advice and solutions. We are thrilled to have Eversheds Sutherland on our team.”

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