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Telecity, Interxion agree all-share merger

Reuters - UK Focus

LONDON, Feb 11 (Reuters) - British data centre provider Telecity Group (LSE: TCY.L - news) said on Wednesday it had reached a non-binding, all-share merger agreement with New York-listed Interxion.

The deal will see Interxion shareholders receive 2.3386 new Telecity Group shares per Interxion share, an exchange ratio that implies a 15 percent premium to Interxion's share price of $26.47 at the close on Feb. 9, it said in a statement.

Late Tuesday, Reuters reported news of a potential deal involving Telecity.

In its statement, Telecity said it expected the net present value of total synergies to be around 600 million pounds, and that the deal would be earnings neutral in the first full year and earnings accretive thereafter.

Telecity said it would look to launch a share buyback after the deal closes. (Reporting by Simon Jessop; editing by Jason Neely)