Slaughter and May is advising Equinix Inc. - recommended offer for Telecity Group Plc

Slaughter and May is advising Equinix, Inc. on its recommended cash and share takeover offer for Telecity Group plc. The recommended offer was announced on 29 May 2015. The Equinix legal team was led by general Counsel Brandi Galvin Morandi and EMEA General Counsel Peter Waters.

Under the offer, each Telecity shareholder will be entitled to receive 572.5 pence in cash and 0.0327 new Equinix shares for each Telecity share. The offer represents a value of approximately 1145 pence for each Telecity share and a value of approximately £2,351.9 million for Telecity's entire issued and to be issued share capital based on the volume-weighted average share price of $267.74 per Equinix share for the 5 day period to 28 May 2015. Following completion of the offer, Telecity shareholders will hold approximately 10.1 per cent. of the combined group.

At the same time, the merger and implementation agreement that Telecity entered into with US-listed Interxion on 9 March 2015 has been terminated.

It is intended that the transaction will be implemented by way of a court-sanctioned scheme of arrangement. The transaction is pre-conditional on regulatory clearances from the European Commission or certain national authorities and Equinix expects closing of the transaction to occur in the first half of 2016 subject to the satisfaction of that pre-condition and certain other conditions.

Equinix is a leading global data centre provider with more than 100 facilities in 15 countries across five continents. It is a US Real Estate Investment Trust (REIT) headquartered in Redwood City, California and listed on NASDAQ with a market capitalisation in excess of $15 billion. Telecity operates 39 network independent data centres across 11 European countries including the Netherlands, Germany, France, Ireland, Finland, Turkey, Bulgaria and the UK.

Slaughter and May worked as a joint team with, amongst others, Cravath, Swaine & Moore LLP in the US, De Brauw in the Netherlands and Hengeler Mueller in Germany.

Cravath, Swaine & Moore LLP: Craig Arcella (partner)

Richard Smith Partner
John Papanichola Senior Consultant
Matthew Tobin Partner
Oliver Wicker Partner
Annalisa Tosdevin Senior PSL
Rosemary Nelson Associate
John Nevin Partner
Mike Lane Partner

Thomas Fletcher / Trainee