TORONTO — The Canada Pension Plan Investment Board has signed an agreement to acquire a stake in Asia Pacific data centre company AirTrunk.
The Canadian pension fund manager is investing alongside private equity firm Blackstone in a deal to buy the company from Macquarie Asset Management and other investors including the Public Sector Pension Investment Board.
Under the deal, CPP Investments has committed to buy a 12 per cent interest in AirTrunk, as part of the deal which values the business at an implied enterprise value of more than A$24 billion (C$21.9 billion).
AirTrunk was founded in 2015 and develops and operates data centres in the Asia Pacific region.
It has operations in Australia, Hong Kong, Japan, Malaysia and Singapore.
The deal is subject to approval from the Australian Foreign Investment Review Board.
This report by The Canadian Press was first published Sept. 4, 2024.