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NextDC signs takeover agreement for Asia Pacific Data Centre

NextDC Ltd. agreed to acquire the remaining 70.8% stake it does not already own in Asia Pacific Data Centre at a consideration of A$2.00 per security.

As part of the deal, security holders of the target will receive a special distribution of 2 cents per security on Nov. 14 and a separate quarterly distribution of the same amount on Oct. 25.

The unconditional offer will be open for acceptance until Nov. 26. According to a news release, the offeror has no plans to further increase the bid, which was emphasized as "best and final" in the absence of a competing proposal. NextDC's previous offer for Asia Pacific Data Centre amounted to A$1.87 per security.

360 Capital Group, which owns a 67.3% stake in the targeted data center owner, already committed to accepting the proposal after previously competing with NextDC over the control of Asia Pacific Data Centre.

NextDC is the sole tenant of the core properties comprising Asia Pacific Data Centre's portfolio. The portfolio, which was on offer until September, was worth an estimated A$261 million as of June 30.

The deal to buy Asia Pacific Data Centre amounts to about A$200 million, comprising the sum for the 70.8% stake in the target, its debt and other transaction and restructuring costs. NextDC will use its cash reserves, totaling more than A$600 million as of Sept. 30, to fund the buyout.

Cadence Advisory and Herbert Smith Freehills respectively function as the financial adviser and legal adviser of NextDC. Citigroup Global Markets Australia Pty. Ltd., meanwhile, was appointed to be the offeror's broker with respect to the proposal.