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Feb. 22, 2021, 6:45 a.m. EST

SPAC Starboard Value Acquisition stock soars after $3.4 billion merger deal to take Cyxtera public

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By Tomi Kilgore

Shares of Starboard Value Acquisition Corp. soared 16.8% in premarket trading Monday, after the special purpose acquisition company announced a merger agreement that would take data center company Cyxtera Technologies Inc. public, which implies an enterprise value of $3.4 billion. When the deal closes, which is expected to occur in mid-2021, the combined company will operate at Cyxtera, and the stock is expected to list on the Nasdaq under the ticker symbol "CYXT." The company will receive $654 million in proceeds. Starboard Value Acquisition went public in November 2020. The deal comes at a time of relatively strong investor demand for initial public offerings, was the Renaissance IPO ETF /zigman2/quotes/207665280/composite IPO -4.33% has run up 26.8% over the past three months through Friday, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.84% has gained 9.8%.

US : U.S.: NYSE Arca
$ 47.72
-2.16 -4.33%
Volume: 245,951
Jan. 18, 2022 4:10p
-85.74 -1.84%
Volume: 2.74B
Jan. 18, 2022 4:56p

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