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CyrusOne shares spike after report of potential sale

CyrusOne Inc. shares rose sharply after a report that the data center owner is considering a company sale.

The company is working with an undisclosed adviser to review strategic options after having been approached by at least one potential buyer, Bloomberg News reported, citing people familiar with the matter. CyrusOne's share price rose by more than 16% in midday trading before settling down to a roughly 8% gain, at about $70.00 per share, by late afternoon.

Bloomberg reported that a bidder group including KKR & Co., Stonepeak Infrastructure Partners and I Squared Capital was in the preliminary stages of considering a bid for the company, with other potential bidders also interested.

Other real estate investment trusts specializing in data centers include Equinix Inc. and Digital Realty Trust Inc. Tom Barrack Jr., founder and CEO of Colony Capital Inc., said on a recent earnings conference call that the company is shifting its strategy to focus on digital and technology-related real estate, including data centers.

In a research note, BMO Capital Markets analysts Ari Klein and John Kim said the bidders involved likely represent largely private capital. The analysts said trends supporting data-center demand growth are favorable over the long term. If a deal were to price at multiples similar to Digital Realty's 2017 acquisition of DuPont Fabros Technology Inc., that would imply a per-share price in the $77.00 range, they added.