Telecommunications provider Cincinnati Bell has struck an agreement to acquire data center operator CyrusOne in a cash transaction value at about $525 million.

CyrusOne is a provider of co-location and data center services to enterprises, and is one of the largest privately held data center operators based in the state of Texas. Cincinnati Bell said once the deal closes, CyrusOne will become a wholly-owned subsidiary of the company, retaining its brand and executive management team.

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