Equinix, Inc. announced that it has entered into a definitive agreement to purchase a portfolio of 13 data centers across Canada from BCE Inc. (Bell) for US$750 million in an all-cash transaction. The 13 data center sites, which represent 25 Bell data center facilities, are expected to generate approximately US$105 million annualized revenue, which represents a purchase multiple of approximately 15x EV / adjusted EBITDA. The acquisition is expected to close in 2H 2020, subject to customary closing conditions including regulatory approval, and it is expected to be immediately accretive to Equinix's adjusted funds from operations (AFFO) per share upon close, excluding integration costs.

The addition of these strategic assets, their associated operations, and the more than 600 customers operating within the data centers will further strengthen Equinix's global platform, which currently includes more than 210 data centers across 55 metros. It will benefit businesses by increasing interconnection within Canada and between Canada and the rest of the world, opening seven new metros in six provinces to extend the digital edge of Platform Equinix, and adding key customers in strategic sectors to further increase the value of the ecosystem available at Equinix. Under the terms of the agreement, Equinix and Bell will begin a strategic partnership to enable enterprises in Canada to leverage hybrid multi-cloud solutions to accelerate their digital transformation.