Sungard Availability Services (Sungard AS) announced that, subject to court approval, it has entered into an Asset Purchase Agreement with 365 Data Centers to acquire a majority of its U.S. Colocation and Network business. The transaction with 365 Data Centers is subject to court approval and customary closing conditions. The hearing by the court to approve the Asset Purchase Agreement with 365 Data Centers is scheduled for August 24, 2022. The Company expects the transaction to close this fall.
All of Sungard AS’ businesses in North America are continuing to operate largely business as usual and meeting the needs of customers, whether included in the Asset Purchase Agreement or not. Sungard AS is continuing to evaluate potential sales or other restructuring alternatives with respect to its Cloud and Managed Services and Recovery Services operations while under the protection of chapter 11 in the United States and the Companies’ Creditors Arrangement Act (CCAA) in Canada.
“We have been working hard to determine the best path forward for our business in a manner that meets the critical needs of our customers while strengthening our operating cost structure. The combination of 365 Data Centers and our U.S. Colocation and Network business is an important next step in this process and presents an exciting opportunity in the marketplace with a growing, strong, reputable buyer who is committed to our customers,” said Michael K. Robinson, Chief Executive Officer and President, Sungard Availability Services
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Sungard AS is advised in this matter by Akin Gump Strauss Hauer & Feld LLP, Jackson Walker LLP, Cassels Brock & Blackwell LLP, FTI Consulting, Inc., DH Capital, LLC and Houlihan Lokey Capital, Inc.
Sungard Availability Services (Sungard AS) is a leading provider of cloud connected infrastructure solutions serving enterprise customers from 75 hardened data centers and workplace recovery facilities in nine countries. Sungard AS has a 40-year track record of delivering resilient and highly available hybrid IT solutions.