A PYMNTS Company

US: Rackspace to go private in $4.3 billion deal

By  |  August 28, 2016

Cloud-computing provider Rackspace Hosting is being taken private by private-equity firm Apollo Global Management for $4.3 billion.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    Rackspace provides cloud services to customers, allowing them to use remote servers for data storage and computing power. The company has shifted its business model in recent years from primarily running its own cloud-based serves in its 11 data centers to also helping to manage services from larger technology companies, such as Amazon.com Inc. and MicrosoftCorp.

    Rackspace said going private provides the company with more flexibility to take on shifts in customer demand. Chief Executive Taylor Rhodes said Apollo’s ownership will help inform the company’s strategy as it develops fresh IT products and seeks out new markets.

    Full Content: The Wall Street Journal

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.