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CDC Acquisition Corp Signs to Acquire Q9 Networks

August 27, 2008

CDC Acquisition Corp., an affiliate of ABRY Partners, has entered into a definitive acquisition agreement with Q9 Networks, a Canadian company that provides outsourced data center infrastructure, to purchase all of the outstanding common shares of Q9. The value of the transaction is approximately $361 million.

Under the terms of the Agreement, Q9 shareholders are stated to receive $17.05 per common share in cash.
Completion of the transaction is subject to various customary conditions precedent. The deal is expected to be closed after the approval of Q9's shareholders at a special meeting which is planned to be held in October 2008.
"ABRY is one of the most experienced private equity firms in the media, communications, and information industry." said Osama Arafat, CEO and Paul Sharpe, president and COO at Q9.
Both Arafat and Sharpe expressed their belief that ABRY is the right partner to continue Q9s aggressive growth plans and to offer outstanding service to its valued customers.
"We are strong believers in the Canadian data centre infrastructure market and are excited to be participating in it through our acquisition of Q9." said C.J. Brucato, partner at ABRY Partners.
Partner added, "Q9, with its talented management team, has achieved a leading market position and a diversified blue chip customer base. We look forward to helping Q9 accelerate their growth and extend their leadership position."
The transaction has been approved unanimously by the Board of Directors of Q9 (with interested directors abstaining) following the unanimous recommendation of a Special Committee of independent directors comprised of Timothy Jackson, John Albright, Timothy Price, John Turner and Timothy Aubrey.
Clearance from the Ontario Superior Court of Justice and approval by the holders of common shares representing at least 66 2/3 percent of votes represented at the meeting and by the holders of more than 50 percent of the votes are still in the process.
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Jai C.S. is a contributing editor for ContactCenterSolutions. To read more of Jai's articles, please visit his columnist page.

Edited by Tim Gray