Deals
Barrack to Step Down as CEO as Colony Buys Digital Bridge
- Marc Ganzi to become chief executive in 18 to 24 months
- Acquisition of Digital Bridge is valued at $325 million
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Colony Capital Inc. agreed to acquire Digital Bridge Holdings LLC, an investor in mobile and internet connectivity companies, for $325 million, paving the way for Chief Executive Officer Tom Barrack to be succeeded by Digital Bridge co-founder Marc Ganzi.
The purchase comes as Los Angeles-based Colony Capital seeks to become a key investment manager in the area of technology-linked real estate. Ganzi, who founded Digital Bridge with Ben Jenkins in 2013, will become CEO of Colony Capital in about 18 to 24 months, and Barrack will return to the role of executive chairman, the companies said Thursday in a statement, which followed an earlier report by Bloomberg.