KKR and Global Infrastructure Partners’ $15 Billion Acquisition of CyrusOne

Cravath, Venable and Eversheds Sutherland represented CyrusOne in connection with the transaction. Kirkland & Ellis and Dentons (UK & Europe) and McCann FitzGerald LLP acted as legal counsel to the acquiring consortium and KKR, and Paul, Weiss, Rifkind, Wharton & Garrison advised GIP.

CyrusOne Inc., a premier global data center REIT, KKR, a leading investment firm, and Global Infrastructure Partners, a leading infrastructure investor, announced a definitive agreement pursuant to which KKR and GIP will acquire all outstanding shares of common stock of CyrusOne for $90.50 per share in an all-cash transaction valued at approximately $15 billion, including the assumption of debt. Upon completion of the transaction, CyrusOne will be a privately held company wholly owned by KKR and GIP and CyrusOne’s common stock will no longer be listed on any public market.

The transaction completed on 25 March 2022.

CyrusOne (NASDAQ: CONE) is a premier global REIT specializing in design, construction and operation of more than 50 high-performance data centers worldwide. The Company provides mission-critical facilities that ensure the continued operation of IT infrastructure for approximately 1,000 customers, including approximately 200 Fortune 1000 companies.

KKR is a leading global investment firm that offers alternative asset management and capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people and supporting growth in its portfolio companies and communities. 

Established in 2006, GIP is one of the world’s leading infrastructure investors. The funds and investment platforms managed by GIP make equity and debt investments in infrastructure assets and businesses in both OECD and selected emerging market countries, targeting investments in the energy, transport, digital, water / waste and infrastructure sectors where GIP possesses deep experience and relationships. 

The Cravath team was led by partners Andrew C. Elken (Picture) and Erik R. Tavzel and includes associates Jin-Kyu Baek, Saagar Kaul, Alexandra J. Valicenti and Christina M. Drakeford on M&A matters; partners William V. Fogg, Stephen M. Kessing and Michael E. Mariani and associate Emily C. Weiss-Cook on financing matters; partners Andrew W. Needham and Christopher K. Fargo and associates Rebecca L. Fine and Christopher M. Winters on tax matters; partner Matthew J. Bobby, practice area attorney Sarah W. Colangelo and associates David Crampton and Jana I. Hymowitz on executive compensation and benefits matters; partner David J. Kappos, practice area attorney Anthony N. Magistrale and associate Pedraam Mirzanian on intellectual property matters; partner Margaret T. Segall, senior attorney Jesse M. Weiss and associate Benjamin G. Joseloff on regulatory matters; partner Matthew Morreale on environmental matters; and practice area attorney Brian M. Budnick on real estate matters. George Smith also worked on M&A matters, Molly E. Nichols also worked on executive compensation and benefits matters and Geoffrey Xiao also worked on intellectual property matters.

The Eversheds Sutherland team covered the European aspects of the transaction and was led by Munich-based corporate M&A Partner, Anthony Cross, with London-based client partner Simon Gamlin also closely involved. The international team included: James Lindop, Kate Newman, Daniel von Brevern, Claire Morgan and Jessica Martin (all antitrust/FDI), Luise Paulsen, David Solberg and Sonja Popp (corporate/M&A), Mark Chester, Isabel Strecker, Natascha Geraedts, Max van Drunen, Christophe Sciot-Siegrist, Rafael Arraez and Marie O’Riordan (all real estate), Marie McGinley (IT), Mark Varian (construction), Sophie White (HR), Danny Blum (incentives) and Simon Weppner (tax).

The Kirkland team was led by corporate partners Andy Calder, John Pitts, Melissa Kalka, Ben Hardison and Rami Totari and associate Brittany Scheier; debt finance partners Roald Nashi, Sebastian Chan, Jonathan Birks and Kazik Michalski; real estate partners Andrew Small and David Rosenberg; and capital markets partner Julian Seiguer.  

The Paul, Weiss team included corporate partners Matthew Abbott, Scott Barshay, Cullen Sinclair and David Tarr; tax partners Scott Sontag and Patrick Karsnitz; executive compensation partner Jarrett Hoffman; litigation partner Geoffrey Chepiga; real estate partner Harris Freidus; antitrust counsel Marta Kelly; and international trade counsel Richard Elliott.

Partner Perry Zizzi and Evan Z. Lazar, Co-Chair of Dentons Global Real Estate Group, led and coordinated the cross-border project team of more than 90 Dentons lawyers from across four continents. The multi-competency team advised the client on real estate, employment, corporate and energy law in in Europe, Latin America and Singapore. The team leaders for each country included: Bruna Gobbi (Vella Pugliese Buosi e Guidoni Advogados, Brazil), José Manuel Larrain (Chile), Bernardo Cardenas (Colombia), Maxime Simonnet (France), Christoph Papenheim and René Dubois (Germany), Andrew Muckian (Ireland), Rogelio Lopez-Velarde (Mexico), Pieter van Delden (Netherlands), Melanie Lim and Valerie Ong (Singapore), Itxaso López Diez and Bárbara Hernández-Mora (Spain), and Rob Thompson and Alex Coulter (UK).

The McCann FitzGerald LLP team was led by Niall Best along with Ciara O’Herlihy, Rachel O’Neill and Ciaran Sweeney. 

Involved fees earner: Jin?Kyu Baek – Cravath Swaine & Moore; Matthew Bobby – Cravath Swaine & Moore; Brian Budnick – Cravath Swaine & Moore; Sarah Colangelo – Cravath Swaine & Moore; David Crampton – Cravath Swaine & Moore; Christina Drakeford – Cravath Swaine & Moore; Margaret Segall D’Amico – Cravath Swaine & Moore; Andrew C. Elken – Cravath Swaine & Moore; Christopher K. Fargo – Cravath Swaine & Moore; Rebecca Fine – Cravath Swaine & Moore; William Fogg – Cravath Swaine & Moore; Jana Hymowitz – Cravath Swaine & Moore; Benjamin Joseloff – Cravath Swaine & Moore; David Kappos – Cravath Swaine & Moore; Saagar Kaul – Cravath Swaine & Moore; Stephen Kessing – Cravath Swaine & Moore; Anthony N. Magistrale – Cravath Swaine & Moore; Michael Mariani – Cravath Swaine & Moore; Pedraam Mirzanian – Cravath Swaine & Moore; Matthew Morreale – Cravath Swaine & Moore; Andrew Needham – Cravath Swaine & Moore; Erik Tavzel – Cravath Swaine & Moore; Alexandra Valicenti – Cravath Swaine & Moore; Emily Weiss – Cravath Swaine & Moore; Jesse Weiss – Cravath Swaine & Moore; Alex Coulter – Dentons; René Dubois – Dentons; Bárbara Hernández-Mora – Dentons; Evan Lazar – Dentons; Melanie Lim – Dentons; Itxaso López – Dentons; Andrew Muckian – Dentons; Valerie Ong – Dentons; Christoph Papenheim – Dentons; Maxime Simonnet – Dentons; Rob Thompson – Dentons; Pieter van Delden – Dentons; Perry Zizzi – Dentons; Bernardo Cárdenas – Dentons – Cárdenas & Cárdenas; José Manuel Larraín – Dentons Chile; Rogelio López-Velarde – Dentons López Velarde; Rafael Arráez – Eversheds Sutherland; Danny Blum – Eversheds Sutherland; Mark Chester – Eversheds Sutherland; Anthony Cross – Eversheds Sutherland; Simon Gamlin – Eversheds Sutherland; Natascha Geraedts – Eversheds Sutherland; James Lindop – Eversheds Sutherland; Jessica Martin – Eversheds Sutherland; Marie McGinley – Eversheds Sutherland; Claire Morgan – Eversheds Sutherland; Kate Newman – Eversheds Sutherland; Marie O’Riordan – Eversheds Sutherland; Luise Paulsen – Eversheds Sutherland; Christophe Sciot-Siegrist – Eversheds Sutherland; David Solberg – Eversheds Sutherland; Isabel Strecker – Eversheds Sutherland; Max van Drunen – Eversheds Sutherland; Mark Varian – Eversheds Sutherland; Daniel von Brevern – Eversheds Sutherland; Simon Weppner – Eversheds Sutherland; Sophie White – Eversheds Sutherland; Jonathan Birks – Kirkland & Ellis; Andrew Calder – Kirkland & Ellis; Sebastian Chan – Kirkland & Ellis; Ben Hardison – Kirkland & Ellis; Melissa Kalka – Kirkland & Ellis; Kazik Michalski – Kirkland & Ellis; Roald Nashi – Kirkland & Ellis; John Pitts – Kirkland & Ellis; David Rosenberg – Kirkland & Ellis; Brittany Scheier – Kirkland & Ellis; Julian Seiguer – Kirkland & Ellis; Andrew Small – Kirkland & Ellis; Rami Totari – Kirkland & Ellis; Matthew Abbott – Paul Weiss Rifkind Wharton & Garrison; Scott Barshay – Paul Weiss Rifkind Wharton & Garrison; Geoffrey Chepiga – Paul Weiss Rifkind Wharton & Garrison; Richard Elliott – Paul Weiss Rifkind Wharton & Garrison; Harris Freidus – Paul Weiss Rifkind Wharton & Garrison; Jarrett Hoffman – Paul Weiss Rifkind Wharton & Garrison; Patrick Karsnitz – Paul Weiss Rifkind Wharton & Garrison; Marta Kelly – Paul Weiss Rifkind Wharton & Garrison; Cullen Sinclair – Paul Weiss Rifkind Wharton & Garrison; Scott Sontag – Paul Weiss Rifkind Wharton & Garrison; David Tarr – Paul Weiss Rifkind Wharton & Garrison; Bruna Gobbi – Vella Pugliese Buosi e Guidoni ;

Law Firms: Cravath Swaine & Moore; Dentons; Dentons – Cárdenas & Cárdenas; Dentons Chile; Dentons López Velarde; Eversheds Sutherland; Kirkland & Ellis; Paul Weiss Rifkind Wharton & Garrison; Vella Pugliese Buosi e Guidoni ;

Clients: CyrusOne Inc.; Global Infrastructure Partners; KKR;