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Activist investor Jeff Smith's special purpose acquisition company has found its merger target, and it's a play on continued digital transformation across industries.
Smith's SPAC, Starboard Value Acquisition, announced Monday it plans to combine with data-center firm Cyxtera Technologies. The deal implies an enterprise values of $3.4 billion for Cyxtera.
In an interview on CNBC's "Closing Bell," Smith said sees strong long-term potential for Cyxtera to grow and thrive as a key link in the chain of digital adoption.