Apollo Buys Majority Stake in Stream Data Centers
The new ownership will provide capital to speed up development of 650 MW of capacity.
Apollo has agreed to purchase a majority stake in Stream Data Centers from Stream Realty Partners, the companies announced on Wednesday. Stream Data Centers will continue to lead the business and maintain a minority stake.
The agreement outlines that Apollo will be contributing funds to the data center land fund. These contributions will speed up site development efforts for 650 MW of near-term power capacity in areas such as Chicago, Atlanta and Dallas. The transaction will be completed this year. Terms were not disclosed.
Apollo’s move continues its strategy of investing in such infrastructure areas as renewable energy, computing capacity and digital platforms. Over the past three years, the company has invested $38 billion in those sectors.
Today’s announcement is the latest example of the booming investment in data centers, which continue to attract billions in capital from such institutional investors as Apollo, Blackstone and BlackRock. For its part, Stream Data Centers manages more than 4 gigawatts of long-term powered land and a significant near-term pipeline.
Goldman Sachs & Co. acted as the financial advisor to Stream Data Centers, while Akin Gump Strauss Hauer & Feld LLP served as legal counsel. For Apollo, Moelis & Company acted as financial advisor and Latham & Watkins LLP served as legal counsel.
You must be logged in to post a comment.