Starboard Value, a New York-based investment adviser, has acquired a 7.4 percent minority stake in data center vendor Vertiv, according to Datacenter Dynamics.
Starboard acquired more than 27 million shares in Vertiv, which rose as much as 11 percent in pre-market trading Oct. 20.
Vertiv, previously a division of Emerson Electric Company, went public in 2020 through a merger with a vehicle backed by Goldman Sachs Group, according to Benzinga. Vertiv’s shares had fallen 54 percent this year amid a pullback in spending for data centers, higher costs and lingering supply chain issues.
People with knowledge of the matter told Bloomberg that Starboard is seeking operational improvements at Vertiv, which has a market value of about $4.3 billion. Starboard reportedly has spent more than $100 million in its acquisition of Vertiv shares.
