23.10.2015 11:07:07

Telecity Sees Deal With Equinix To Be Cleared By EU In Phase I Review; Stock Up

(RTTNews) - Shares of Telecity Group plc (TCY.L) were gaining around 3 percent in London trading after the carrier-neutral data centres provider, which is in deal to be acquired by US-based Equinix Inc. (EQIX), Friday said that there is a good prospect that the proposed transaction will be cleared by the European Commission during its Phase I review.

The company confirmed that the European Commission has entered into a period of market testing based upon commitments proposed by both companies.

These commitments have been proposed with a view to obtaining EU Commission Phase I clearance of the previously announced offer by Equinix for TelecityGroup.

As a result of this development, the European Commission's Phase I review timetable is automatically extended by 10 working days to November 13.

If the proposed transaction will be cleared by the European Commission during its Phase I review, the pre-conditions to the offer will be satisfied and the relevant shareholder and scheme of arrangement votes will be sought from TelecityGroup shareholders thereafter.

Although there can be no assurances, this would allow the offer to close in line with the previously communicated guidance of first half of 2016.

In London, Telecity shares were trading at 1,170 pence, up 3.27 percent.

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