Zayo shareholders approve company’s sale

BOULDER — Zayo Group Holdings Inc. (NYSE: ZAYO) is closer to coming off the public markets after shareholders approved the company to sell itself to private investors for $14.3 billion.

Zayo chief executive officer Dan Caruso said shareholders approved the sale in a virtual meeting Friday held by the Boulder-based bandwidth provider, paying out at $35 per share once the sale is complete. The company did not reveal the vote count, but said it will announce those numbers in a U.S. Securities and Exchange Commission filing. 

Zayo agreed to be acquired by affiliates of Digital Colony Partners and the EQT Infrastructure IV Fund in May, which would take the company off the public markets once the deal is closed in the first half of 2020.

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Shareholders also approved a golden parachute compensation package for Zayo’s executive team should they decide to leave. Caruso would earn just over $22.2 million in equity, health-care benefits for six months after the deal closes and 50 percent of his unused corporate jet expense if the package is approved. CFO Matt Steinfort would earn just over $7.1 million in equity, while COO and Zayo Networks president Jack Waters would receive $45,055 in cash and just over $5.5 million in equity.

This story will be updated throughout the day.