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STT to Sell Stake in Web Host Equinix.
2005-10-31, HostMan.biz Web hosting provider Equinix (equnix.com) announced on Monday its biggest shareholder, STT Communications, would sell its entire stake in Equinix through two separate transactions. Equinix says the Singapore Technologies Pte Ltd. Unit will sell 5.15 million shares of the company in a public offering. STT Communications will also give the underwriters - Citigroup Global Markets, Credit Suisse First Boston and Goldman Sachs - the choice of purchasing up to 739,549 additional shares to cover over-allotments. In the second transaction, STT Communications plans to enter into a forward contract with Credit Suisse First Boston Capital to sell up to an additional 4.3 million Equinix shares. Details on the timing of that transaction were not available. After the completion of the two transactions, STT Communications will no longer have stake in Equinix. Its current stake is valued at about $367 million, based on Equinix's closing stock price on Friday of $36.01 on Nasdaq. As of September 30, Equinix had 24.19 million shares outstanding. |
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