Equinix, Inc., provider of global data center services, reported yesterday that it has reached a definitive agreement to acquire Switch & Data Facilities Company, Inc. (NASDAQ: SDXC), a leading provider of data center and Internet exchange services, for approximately $689 million in cash and stock. The acquisition represents a significant market expansion for Equinix and will expand the company’s market presence by adding 16 new markets across North America, including additional 34 data centers in 22 markets in the U.S. and Canada.

The combination of the two companies will further strengthen Equinix’s position in the global data center services market by extending the company’s presence to 16 new markets across North America. Equinix will integrate Switch and Data’s data center business and operations in the U.S. and Canada. It will also increase the Global presence of Equinix leaving the new combined entity with 79 data centers in 34 markets and more