(WEB HOST INDUSTRY REVIEW) — Canadian merchant bank Clairvest Group (www.clairvest.com) has entered into an agreement that will let it purchase a major stake in Canadian web hosting provider Peer 1 Network Enterprises (www.peer1.com) for investment purposes.
According to the company’s Friday announcement, Clairvest entered into an agreement on June 10, 2009 with Celerity Partners, granting Clairvest the exclusive option of purchasing Celerity’s 20,538,480 Peer 1 common shares for $23,750,000 in total, representing 17.2 percent of Peer 1′s issued and outstanding common shares.
Clairvest will decide on purchasing the shares on August 10, 2009. Depending on the market and other conditions, Clairvest said it may increase or decrease its beneficial ownership, control or direction of Peer 1 at that time.
Last month, Peer 1 began construction on an energy-efficient, 41,000 square-foot data center located 18 miles from Toronto. Scheduled for completion in early 2010, Peer 1 business development senior vice president Robert Miggins discussed the construction of the new, “Green” data center with the WHIR in an email interview.
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