3i completes exit of Telecity; reaps 5x return

Proceeds since the company's 2007 IPO total £153m for 3i, generating a 5x return for the private equity firm on its original investment.

London-based Telecity operates 23 data centres across Europe. In December 2005, in line with 3i's strategy for the business, Telecity acquired a key UK competitor, Redbus plc, and installed the Redbus management team to lead the newly enlarged group. The newly structured group experienced significant growth, which led to the £436m IPO in October 2007. The business has recently opened new data centres in Paris, Stockholm and Milan and adding incremental capacity in London, Amsterdam and Frankfurt.

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