HMC Capital Acquiring Global Switch Australia in AU$2 Billion Deal

MT Newswires Live10-24

HMC Capital (ASX:HMC) agreed to acquire Global Switch Australia for AU$1.94 billion as a seed asset for the Global DigiCo platform.

Global Switch Australia currently comprises two adjoining data center sites in Sydney, according to a Thursday filing with the Australian bourse.

The deal is expected to reach financial close in the first quarter of 2025.

To fund the acquisition, the diversified alternative asset manager is undertaking an institutional placement of 34 million shares at AU$8.75 apiece to raise AU$300 million.

Shares under the placement will settle on Oct. 29 and will be issued and start trading on Oct. 30.

The company earlier requested that its shares be placed in a trading halt.

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