A consortium managed by Macquarie Infrastructure and Real Assets (MIRA) has acquired a majority stake in Australian data centre firm AirTrunk which values the business at more than $3 billion.
The deal to buy an 88 per cent stake in AirTrunk was first reported in January and has reached a financial close today.
AirTrunk operates data centres for large cloud, content and enterprise customers in Sydney, Melbourne, Singapore and Hong Kong.
Since the 2017 launch of its first hyperscale data centre in Western Sydney, AirTrunk has grown rapidly. Once fully developed, AirTrunk’s five data centres will be able to deliver a combined capacity of more than 450 megawatts.
The consortium, led by Macquarie Asia Infrastructure Fund 2 (MAIF2) and including other MIRA-managed partners, acquired its stake in the business from Goldman Sachs, Sixth Street Partners (formerly TSSP) and founder, Robin Khuda.
Khuda will continue to hold a material stake in the business and will remain in his role as CEO under a long-term arrangement, supported by the existing executive management team.
“AirTrunk has established itself as the dominant player in the APAC hyperscale market, rapidly growing our footprint in a disciplined way and securing a number of long-term customer commitments,” Khuda said.
“We look forward to working with MIRA’s expert team to usher in a new and exciting era for AirTrunk, building on the strong foundation we’ve established over the past three years.”
The investment will be used to help expand AirTrunk’s footprint throughout key Asia-Pacific markets, taking advantage of the continued growth in cloud computing.
“The global data centre industry has grown significantly in recent years, driven by an exponential increase in data consumption, increasing cloud applications and the shift from internal IT infrastructure to outsourced resources,” said Frank Kwok, Head of MIRA Asia-Pacific.
“Our investors are attracted to hyperscale data centre providers such as AirTrunk because they have attributes such as long-term revenue streams and demand resilience throughout market cycles.”
MIRA is one of the world’s leading alternative asset managers. It has extensive experience in developing digital infrastructure assets and assisting management to operate them, with investments in data centres, fibre assets and telecommunication tower businesses across Europe, North America, and APAC.