Shares of Switch Inc. /zigman2/quotes/202880027/composite SWCH +0.01% shot up 8.6% into record territory in premarket trading Wednesday, after the data center company agreed to be acquired by DigitalBridge Group Inc. /zigman2/quotes/205504962/composite DBRG +1.49% in a cash deal valued at $11 billion, including debt. Under terms of the deal, DigitalBridge Partners II, the digital infrastructure equity strategy of DigitalBridge's investment platform, and an affiliate of investor IFM Investors, will pay $34.25 in cash for each Switch share outstanding, representing an 11.4% premium to Tuesday's closing price of $30.75. The buyout price, which is above the May 4 record closing price of $31.64, implies a market capitalization for Switch of about $8.38 billion. The deal is expected to close in the second half of 2022. "Through this transaction, we will remain at the forefront of growth and innovation within the data center industry," said Switch President Thomas Morton. "Following a robust evaluation of market dynamics and strategic review process by the company and its Board of Directors, we strongly believe that this is the optimal path forward for Switch and our shareholders." Switch's stock had gained 7.4% year to date through Tuesday, while DigitalBridge shares have tumbled 34.5% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.63% has dropped 16.1%.