Managed Services Firm Presidio Acquires Data Center Firm INX
Posted By CheapHostingChoice
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(WEB HOST INDUSTRY REVIEW) — Data center firm INX announced on Thursday that its stockholders approved the merger agreement from November under which managed services provider Presidio will acquire all of the outstanding common stock on INX.
According to the press release, the finalization of the acquisition of INX remains subject to the satisfaction or waiver of a number of customary closing conditions set forth in the merger agreement. The transaction is expected to close on December 30, 2011.
When it is complete, INX stockholders will receive $8.75 in cash for each share of INX common stock.
The post transaction company will employ more than 1,8000 people operating out of more than 45 offices in the US.
“We are pleased to unite with such a well regarded and professional organization as INX. There is tremendous synergy between the two companies. Combining INX and Presidio’s capabilities will enable us to offer one of the broadest portfolio of services and advanced IT solutions available in the industry,” Kevin Penn, Presidio’s chairman said in a statement in November. “Our two firms share similar values and a commitment to providing transformational technology solutions that enable superior business results. Both Presidio and INX clients will benefit greatly from this partnership. The similarity of the two cultures should lead to a very smooth transition.”
Raymond James & Associates has acted as financial advisor and Mayer Brown LLP has acted as legal advisor to INX’s Board of Directors in connection with the transaction. Weil, Gotshal & Manges acted as legal advisor to Presidio.
In addition to being a data center provider, Presidio provides managed services including network infrastructure, unified communications, security infrastructure, enterprise wireless and more to customers in government, business, and healthcare, according to its website.
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