Global data center provider, Equinix (NASDAQ:EQIX) has made a takeover bid of $3.5 billion for Telecity Group, a U.K.-based provider of data center services. The bid is the latest in a string of mergers and acquisitions in the data center industry, which is seeing unprecedented consolidation. In a sign of the market’s approval of the merger plan, Equinix stock is up nearly 10 percent since the announcement and trading at record highs.

Telecity previously agreed to a merger with Interxion (NYSE:INXN), a Netherlands-based company with data centers throughout Europe. A formal bid is scheduled to follow the due diligence period which ends June 4, 2015.

In another large merger this year network provider, Zayo Group (NYSE:ZAYO) agreed to purchase Latysis, also based in the U.K., for $675 million.