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Equinix completed its purchase of the Infomart Dallas building on April 2, 2018, and announced the closing the next day. The company described the acquisition as an approximately $800 million debt-and-cash transaction. Its SEC filing later put total consideration at approximately $805.6 million for the quarter ended June 30, 2018, reflecting a more detailed accounting presentation rather than a conflicting headline price.
How much did Equinix pay for Infomart Dallas?
Equinix’s April 3, 2018 completion announcement used the rounded figure of approximately $800 million for the debt-and-cash transaction. In its Form 10-Q for the quarter ended June 30, 2018, Equinix reported approximately $805.6 million in total consideration: about $47.4 million in cash and $758.2 million as the fair value of senior unsecured notes bearing 5.000% interest. The figures describe the same acquisition using different levels of precision and accounting presentation.
A later Equinix filing for the quarter ended September 30, 2018 reported approximately $804.0 million in total consideration, consisting of about $45.8 million in cash and the same $758.2 million fair value of notes. Precise totals should therefore be tied to the filing and reporting period being cited; the company’s rounded $800 million figure is its public transaction framing.
What did the acquisition include?
Infomart was a multi-tenant commercial property of approximately 1.6 million gross square feet with more than 50 tenants, including network companies, colocation providers and office tenants. Equinix already operated four of its eight Dallas International Business Exchange (IBX) facilities in the building: DA1, DA2, DA3 and DA6.
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Equinix highlighted the building’s multiple, diverse fiber entry points and called it “one of the largest interconnection hubs in the U.S.” That is the acquirer’s description; the cited materials do not provide an independent ranking of U.S. interconnection hubs.
Why did Equinix buy the building?
Equinix said ownership would strengthen its Dallas platform and interconnection density while supporting its enterprise relationships. Buying the property housing four of its Dallas IBX facilities also gave the company ownership of a site central to its existing operations, rather than merely adding a separate data-center location.
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- Easy equipment configuration: Fully adjustable mounting rails and numbered U positions, with square holes for easy equipment mounting with top and bottom punchout panels for easy cable access
- Durability: Made of high quality cold rolled steel holds up to 110lb (50kg) (Easy Assembly Required)
- PCI & HIPPA and EIA/ECA-310-E compliant
The company’s proposed-deal announcement cited approximately 11 MW of underdeveloped capacity in the building and said adjacent land could potentially support approximately 40 MW more. Those were capacity estimates and potential at the time of the announcement—not confirmation that the capacity was later built, powered, occupied or delivered.
What revenue and financial impact did Equinix report?
In its completion announcement, Equinix said Infomart generated approximately $50 million in building revenue during 2017. About $20 million of that amount came from rent and maintenance recoveries from Equinix itself. These are historical figures reported by the company, not a forecast of revenue after the purchase.
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Equinix also expected the acquisition to reach adjusted funds from operations (AFFO) per-share breakeven one year after closing. That was a company expectation in 2018; the cited announcement does not establish whether or when the expected breakeven was achieved.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.When was the acquisition announced and completed?
Equinix said the agreement was signed on February 11, 2018. The acquisition closed on April 2, and the company announced its completion on April 3, 2018. The timing matters when distinguishing the original proposed-deal capacity estimates from figures reported after closing.
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