Equinix (EQIX) Is Buying This From Verizon (VZ) For $3.6 Billion

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Equinix announced on Tuesday that the company would be buying 24 data center sites from Verizon in an all-case deal for $3.6 billion.

In the deal, Equinix will be receiving 29 data center buildings across 15 metropolitan areas. The deal also inludes an acquired portfolio of around 900 customers and about 250 Verizon employees.

According to Equinix, these data centers will expand its enterprise collocation services to new markets such as Bogotá, Culpeper, and Houston, and further the company’s strategic push into the government and energy sectors.

Equinix chief executive Steve Smith commented, “This unique opportunity complements and extends Equinix’s strategy to expand our global platform. It enables us to enhance cloud and network density to continue to attract enterprises, while expanding our presence in the Americas.”

The company expects to close the transaction by mid 2017, subject to closing conditions.

Disclaimer: We have no position in Verizon Communications Inc. (NYSE: VZ) nor Equinix (NASDAQ: EQIX) and have not been compensated for this article.