Manuel Medina, founder and managing partner of Medina Capital, will be the chief executive officer of the new company. He will be joined by an executive team from Medina Capital, which includes the former senior leadership team of Terremark.
CenturyLink will continue to focus on offering customers IT services and solutions, including network, managed hosting and cloud; though it will no longer own the data centers, says the company. CenturyLink will continue to offer colocation services as part of its product portfolio through its commercial relationships to be entered into at closing with the BC Partners/Medina-led consortium.
LionTree Advisors acted as financial advisor to BC Partners and its consortium investors. Latham & Watkins is serving as legal advisor and PricewaterhouseCoopers is serving as accounting advisor. Citigroup, JP Morgan, Barclays, Credit Suisse, Jefferies, HSBC, Macquarie, and Citizens have underwritten the debt package to finance the acquisition. Greenberg Traurig served as legal advisor to Medina Capital.
BofA Merrill Lynch, Morgan Stanley, and Wells Fargo Securities are acting as CenturyLink’s financial advisors and Jones Walker is acting as CenturyLink’s legal advisor. Vedder Price served as legal advisor to Longview Asset Management.
The transaction is expected to close in first quarter 2017, pending regulatory approvals and customary closing conditions. Branding for the new company is expected to be announced at a later date.
[Image courtesy: CenturyLink]