(Bloomberg) -- Arjun Infrastructure Partners is in advanced talks to acquire a minority stake in the mature assets portfolio of French data center operator Data4, which is owned by Brookfield Infrastructure Partners, according to people familiar with the matter.
The companies are finalizing terms of a transaction over Data4’s so-called stabilized assets, which refer to fully-constructed data centers with high and stable tenancy rates, the people said. The portfolio could be valued at about €3.7 billion ($3.9 billion) in a deal, one of the people said, asking not to be identified as the information is private.
Under Brookfield’s ownership, Data4’s contracted assets have grown from 200 megawatts to 700 megawatts, the person said. The firm is still in discussions with other potential investors for the stake sale in Data4’s mature asset portfolio, the person said.
While discussions between Arjun and Brookfield are in their final stage, they could still be delayed or even fall apart, the people said. Representatives for Arjun and Brookfield declined to comment.
Founded in 2006, Data4 operates 35 data centers with a presence in France, Italy, Spain, Poland, Germany and Greece, its website shows. Brookfield Infrastructure bought Data4 from AXA Investment Managers in 2023 for an undisclosed sum.
Brookfield has been working with Citigroup Inc. to seek investors for the mature assets of Data4 as it looks to recoup cash to fund other data centers in the pipeline, Bloomberg News reported in August.
Earlier this month, Brookfield pledged to invest €20 billion to develop data centers and AI infrastructure in France over the next five years. It has allocated €15 billion to data center investments, which will be led by Data4.
Arjun, which focuses on mid-market infrastructure investments, manages more than €6 billion, according to its website. The company has offices in London and Paris.
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