While multi-billion-dollar acquisition deals are common occurrences in the world of technology, such giant buyouts are relatively rare in the field of data centers.

However, the number is growing, while the overal M&A market in the sector is also growing.

2021 saw a flurry of 10 and 11-figure deals that broke records for the industry. 2020 was a then-record-breaking year for M&A in the industry, with more than $31 billion spent across more than 110 deals, doubling the figures of 2019. 2022 as a whole saw $48 billion worth of data center deals transacted, including the closure of the $15bn CyrusOne acquisition announced in 2021 - another record breaker for a time.

Data center M&A deals broke all records in 2024, with deals closed in 2024 reaching $57 billion.

2025 sawthe world's largest-ever deal in the space, with Aligned being acquired by a consortium including BlackRock, Global Infrastructure Partners (GIP), and Abu Dhabi’s MGX for $40 billion.

2026 has seen two multi-billion-dollar deals so far, with KKR and Singtel taking majority ownership of STT GDC, and Equinix and CPP acquiring atNorth.

Below is a list of the biggest data center acquisitions first published in late 2021 and periodically updated.

Note, this list doesn’t include SPAC mergers, which blur the lines between IPOs and M&A. It also doesn't include deals centered around telecoms firms, as well as buyouts of real estate or investment firms with large data center holdings. Values are reflective of when they were announced and not adjusted for inflation.

1: GIP, AIP, MGX, and others acquire Aligned for $40 billion

The 2025 acquisition of US data center firm Aligned blew all previous records out of the water.

October 2025 saw Macquarie Asset Management sell the operator to a consortium comprising the AI Infrastructure Partnership (AIP), MGX, and BlackRock-owned Global Infrastructure Partners (GIP). Microsoft, MGX, and BlackRock are members of the AI Infrastructure Partnership, as are Nvidia and Elon Musk's xAI.

The $40 billion deal is expected to close in the first half of 2026.

Texas-based Aligned has campuses across Illinois, Texas, Utah, Arizona, and Northern Virginia, with sites in development in Maryland, Ohio, Illinois, and Virginia, as well as across Latin America with OData. The company also has a stake in Canadian operator QSacale. In total, its active and planned capacity is 5GW.

Macquarie first invested in Aligned in 2018, joining BlueMountain Capital Management. Mubadala, Patrizia, and CenterSquare had also previously invested in the firm.

2: Blackstone and CPP acquire AirTrunk for $16.11 billion

2024 saw another new record set for the data center M&A space. Blackstone and Canada Pension Plan Investment Board acquired APAC-focused operator AirTrunk for a mammoth AU$24 billion (US$16.11bn).

APAC-focused operator AirTrunk was founded in 2016 with plans to develop hyperscale data centers in Australia. After launching its first facility in Sydney in 2017, the company expanded across the region, operating and developing campuses in Australia, Hong Kong, Japan, Malaysia, and Singapore.

The company was acquired from Macquarie and Public Sector Pension Investment Board (PSP). A group led by Macquarie had taken control of the company in 2020 in a deal that valued at about AU$3 billion ($1.96bn) at the time.

3: KKR and Global Infrastructure Partners acquire CyrusOne for $15 billion

KKR and Global Infrastructure Partners’ 2021 $15 billion deal to buy CyrusOne ranked as the largest-ever M&A deal in the sector for several years.

At the time of purchase, CyrusOne had around 50 data centers across the US, Europe, and South America, but came after a tumultuous couple of years for the company after seeing a number of executives including two CEOs jump ship in short order.

In January 2020, CyrusOne announced that it would lay off 12 percent of its staff, among them European head Tesh Durvasula. The next month, CyrusOne CEO Gary Wojtaszek suddenly stepped down - with Durvasula returning as interim CEO until Bruce Duncan took over in June 2020. This July, the company board "separated" with Duncan after just a year, with company cofounder David Ferdman taking over as interim CEO.

The acquisition closed in the second quarter of 2022. KKR’s investment was made primarily from its global infrastructure and real estate equity strategies, with GIP’s investment made from its global infrastructure funds.

4: DigitalBridge and IFM acquire Switch Inc. for $11 billion

Both Global Switch and Switch Inc. were rumored to be up for sale in 2022, but Las Vegas-based Switch Inc. was the only one to make a sale.

DigitalBridge Group and an affiliate of global infrastructure investor IFM Investors agreed to take Rob Roy's company private for $11 billion in May 2022. DigitalBridge beat out a number of competitors for Switch, including Brookfield Asset Management.

Switch operates its large 'Prime' data center campuses in Reno, Las Vegas, Grand Rapids, and Atlanta. It is building a large data center in Texas, where it also bought Data Foundry for $420m.

The company also has an Edge business, teaming up with Dell to build Edge data centers at FedEx locations across the US.

In 2021, Switch sold its stake in a European data center venture based on the designs of Switch’s Tier IV Las Vegas facility. The Milan facility is was later part of Stack Infrastructure.

5: American Tower acquires Coresite for $10.1 billion

You wait months for a billion-dollar data center acquisition, and two come along at once. American Tower acquiring Coresite for $10.1 billion in 2021 would have been major news on any other day, but had to share the headlines with CyrusOne.

Reportedly also a target for Digital Realty, CoreSite’s acquisition promotes American Tower from a large cell tower company with a small data center footprint to a sizeable player in the market.

Prior to buying CoreSite, American Tower currently had a relatively small portfolio of three data centers and less than a dozen Edge locations after making a number of acquisitions between 2019 and 2021. Now the company has a portfolio of almost 30 facilities and a strong presence in the desirable Silicon Valley market.

In July 2022, Stonepeak acquired approximately 29 percent of American Tower’s US data center business for $2.5 billion. That deal alone ranks amongst one of the largest data center investments to date.

6: Blackstone acquires QTS for $10 billion

Briefly the largest ever data center acquisition, Blackstone’s acquisition of QTS was the first of three major deals in 2021 for publicly-listed data center firms.

No stranger to data centers, Blackstone and its affiliates of Blackstone Infrastructure Partners, Blackstone Real Estate Income Trust, Inc., and Blackstone Property Partners bought the REIT for $10 billion and took the company private. The deal closed in September of that year.

Founded in 2003 in Kansas, QTS at the time owned more than seven million square feet of data center space in 28 locations across North America and Europe. The company went public in 2012 via an IPO on the NY Stock Exchange.

Blackstone followed up this deal with another multi-billion-dollar acquisition a few years later for AirTrunk.

7: Digital Realty acquires Interxion for $8.4 billion

Digital Realty’s 2019 deal to buy Interxion for $8.4 billion was previously the largest deal in the space, and one of a number of big-money moves the company has made in recent years.

Europe's largest colocation provider at the time, Interxion provided Digital Realty with 53 data centers with a total capacity of 290MW in 13 metro areas across Europe.

Digital Realty initially kept the Interxion name in Europe to develop new facilities and acquire smaller local players under the moniker, but has since retired the brand.

8: Jiangsu Shagang Group acquires Global Switch for ~$8 billion

While it didn’t make one large blow-out deal, Chinese steel company Jiangsu Shagang Group’s acquisition of data center firm Global Switch over a period of three years up to 2019 has been valued at around $8 billion.

The acquisition has resulted in controversy; since Shagang’s first investment in Global Switch in 2016, the Australian government has been on a migration journey, moving data and applications out of the company’s data center in Ultimo, Sydney, and into facilities owned by other providers over national security fears.

The Australian Securities Commission said it would leave and move to Canberra Data Centres, joining many of the other fleeing agencies, including Home Affairs, the Australian Tax Office, and the Defence Department. The Australian Government set a new target date of July 2022 for federal agencies to leave Global Switch’s Sydney facility, having missed the previous goal of September 2020.

At the time, the operator had 13 data centers across Europe and APAC, with nearly 400,000 sqm (4.3 million sq ft) of white space.

Reports surfaced in 2021 that the company was on sale for around $11 billion, but no deal for the whole company has been sealed as of November 2025 despite ongoing rumors. Global Switch did, however, sell its Australian data center business to HMC Capital for AU$2.12bn (US$1.41bn at the time). The deal comprised Global's site in Sydney.

9. Digital Realty acquires DuPont Fabros Technology for $7.6 billion

2017 saw Digital Realty acquire DuPont Fabros Technology for $7.6 billion. Though it only owned 12 data centers across the US in Northern Virginia, Chicago, and Silicon Valley, DuPont had more than 3.3 million sq ft (300,000 sqm) and 287MW of available power at the time of acquisition.

The company also had another six facilities due to come online in Ashburn, Chicago, Santa Clara, and Toronto in the coming year, as well as land holdings in Ashburn, Phoenix, and Oregon.

Digital Realty has since retired the name and in 2021 sold a 56-acre plot in Mesa, Arizona which was originally earmarked for a 1 million sq ft campus by Dupont Fabros.

10: KKR and Singtel acquire STT GDC for $6.4bn

KKR's second appearance on this list saw the company take over APAC operator ST Telemedia Global Data Centers (STT GDC) for a combined $6.4bn over two transactions alongside Singaporean telco Singtel.

KKR and Singtel first invested a combined S$1.75bn (US$1.3bn) in STT GDC in 2024, before buying the rest in February 2026 for S$6.6 billion (US$5.1bn).

Founded in 2014, STT GDC operates data centers dozens of data centers across Asia and Europe totaling 1.7GW of capacity. In Europe, it operates through Virtus Data Centres.

11. Brookfield and Ontario Teachers’ Plan acquire Compass Datacenters for a (reported) $5.5 billion

Brookfield was busy in 2023. After acquiring European data center firm Data4 for a reported $3.8 billion, the company followed it up a few months later with Compass Datacenter for a figure reportedly around $5.5 billion.

June 2023 saw Brookfield Infrastructure and existing Compass investor Ontario Teachers’ Pension Plan acquire the company from RedBird Capital Partners and the Azrieli Group.

Founded in 2011, Compass at the time operated or was developing around 16 data center sites across the US, Europe, and Israel. The company also had a modular facility offering that was later sold off.

12: Equinix and CPP acquire atNorth for $4.2 billion

One of several entries on this list for Equinix, which in February 2026 acquired Nordic data center firm atNorth in a $4.2 billion deal alongside the Canada Pension Plan Investment Board (CPP).

CPP will put $1.6 billion of its funds into the company, and own 60 percent of the company’s shares, with Equinix taking the other 40 percent. The total financing package behind the deal is worth $4.2bn, underwritten by a group of European and Canadian lenders.

AtNorth was formed as Advania Data Centers in 2012 from the merging of three IT firms. The company de-merged from the Advania Group in 2017 and rebranded to atNorth in 2020. Swiss investment manager Partners Group acquired the company in December 2021.

At the time of the acquisition, atNorth operated seven data centers across Sweden, Iceland, and Finland, with more in development in Finland, Denmark, Sweden, and Norway, and a development pipeline totaling more than 1GW.

At the time of the deal, Equinix had a footprint that included Finland (five facilities in Helsinki) and Sweden (three across Stockholm). Buying atNorth saw Equinix enter Iceland, Denmark, and Norway.

13: Bain sells ChinData for $4 billion

September 2025 saw investment firm Bain sell Chinese data center operator ChinData for $4 billion to a consortium of Chinese companies.

Bain’s China data center assets were acquired by a consortium led by Chinese manufacturing and construction company Shenzhen Dongyangguang Industry. It is the parent company of Guangdong HEC Technology Holding.

Founded in 2015, ChinData was purchased by Bain in 2019 from Wangsu Science & Technology Co. and merged with Bridge Data Centres, which was already part of the Bain portfolio. The combined company went public in 2020, with Bain retaining a 42 percent stake. ChinData was then taken private again by Bain in 2023 in a $3.16bn merger deal.

The deal seemingly didn't include Bridge DC, which had been operating as ChinData's international arm for several years.

Joint-14. Equinix acquires Telecity for $3.8 billion

As one of, if not the outright, largest data center company in the world, Equinix has also made some major purchases in its time. Until 2026 and its purchase of atNorth, the company’s largest deal was its 2015 acquisition of Telecity for $3.8 billion.

Equinix moved to buy Telecity as the latter company was looking to be acquired by Interxion for $2.2 billion. The deal added around 40 European facilities to Equinix’s portfolio, though it was compelled to sell eight facilities by regulators, which were bought by Digital Realty for $847m.

Joint-14. Brookfield acquires Data4 for a (reported) $3.8 billion

After a relatively quiet 2022 in terms of big-money deals, April 2023 saw Brookfield acquire European data center operator Data4. Though the terms of the deal weren't revealed, the acquisition was reportedly valued at around $3.8 billion.

Originally established in 2006 by Colony Capital (now DigitalBridge), the company was acquired by AXA Investment Managers for an undisclosed amount in 2018, with Danish pension fund PFA acquiring a 20 percent stake in 2020.

At the time of the announcement, Data4 operated around 30 data centers in France, Italy, Spain, Poland, and Luxembourg. The company was also developing a former army barracks in Hanau, Germany, that could reach 200,000 sqm (2.1 million sq ft) and 180MW.

15. Equinix acquires Verizon's data centers for $3.6 billion

A year after its Telecity acquisition, Equinix followed up with another big figure deal, buying Verizon’s data center portfolio for $3.6 billion.

The colocation firm acquired 24 locations consisting of 29 data center buildings across 15 metro areas from the telco, totaling around 2.4 million square feet. Many of the facilities were those Verizon inherited when it bought Terremark in 2011.

Joint-16. EQT Infrastructure acquires EdgeConneX for (a reported) $2.5 billion

EQT Infrastructure acquired EdgeConneX in 2019. While the exact value of the deal was never disclosed, reports pin the acquisition at around $2.5 billion.

Founded in 2009, EdgeConneX has a global footprint of 80 data centers in operation or development across more than 50 markets across North America, Europe, APAC, and South America. The company was initially focused on smaller-scale data centers in the US, but has gradually expanded its scope and geography, moving into build-to-suit and hyperscale facilities.

EQT Infrastructure’s Infrastructure V fund acquired a stake in the company from EQT Infrastructure’s Infrastructure IV fund earlier in 2021.

Joint-16. CenturyLink acquires Savvis for $2.5 billion

One of two appearances by CenturyLink on this list.

Savvis was one of the original data center providers. Formed in 1995 under the name DiamondNet, the firm grew, absorbing Cable & Wireless America and more than a dozen Exodus Communications data centers, Canadian operator Fusepoint, and Intel's Online Services hosting business along the way. Savvis was acquired by Bridge Information Systems in 1999, and went public in 20002.

In 2011, CenturyLink acquired Savvis for $2.5 billion. The company also acquired Level 3 Communications in 2016, before eventually selling off the combined data center business into what would become Cyxtera (see below) and renaming itself to Lumen.

17. Medina Capital Management and BC Partners acquire CenturyLink’s data centers for $2.15 billion

CenturyLink sold its data center portfolio in 2016 to an investor consortium comprising Medina Capital Management and BC Partners for $2.15 billion. The portfolio of 57 facilities was rebranded to Cyxtera; which at the time could offer 195MW of capacity across 2.6 million square feet (241,548 sq m) of raised floor space.

Cyxtera went public in 2021 via a $3.4 billion SPAC merger with Starboard Value Acquisition Corp. What remained of CenturyLink was later renamed to Lumen and doubled down on fiber.

Cyxtera went bankrupt in 2023. The firm was acquired by Brookfield for $775 million and merged with Evoque, creating what is now known as Csquare.

The rest of the billion-dollar club

A number of other billion-dollar deals made in recent years include:

- Centersquare acquiring 10 data centers in North America in a $1bn deal

- KKR and Singtel investing a combined S$1.75bn (US$1.3bn) for a minority stake in STT GDC in 2024

- HMC Capital buyingg the Australian operations of Global Switch in 2024 for AU$2.12bn (US$1.41bn)

- KDDI/Telehouse's $1.02 billion purchase of Allied Properties' data center portfolio, consisting of three facilities in Toronto, Canada.

- DigitalBridge recapitalizing DataBank in 2022 and seeing Swiss Life Asset Management, EDF Invest, Northleaf Capital Partners, and Ardian acquire a combined 35 percent stake in the operator for around $1.5 billion

- Lumen's November 2022 plans to sell its Europe, Middle East, and Africa (EMEA) business to Colt for $1.8 billion. The deal is set to include Lumen's terrestrial and subsea networks, data centers, and network equipment in the region

- Aligned 2022 acquisition of Latin American operator Odata for a reported $1.8 billion

- Mapletree's acquisition of 29 data centers from Sila Realty Trust (previously Carter Validus) for $1.3 billion; the deal saw Sila pivot away from data centers to focus on healthcare real estate

- Digital Realty’s $1.9bn purchase of Telx in 2015

- Digital Realty's 2018 acquisition of Ascenty for $1.8bn

- Brookfield Infrastructure Partners acquisition of 11 AT&T facilities for $1.1bn in 2019 to form Evoque

- Iron Mountain’s $1.3bn buy of IO Data Centers in 2017

- Peak 10’s purchase of ViaWest for $1.7bn to form Flexential

- DigitalBridge’s 2017 acquisition of Vantage was rumored to be more than $1bn

The one that got away: Core Scientific declines CoreWeave's $9bn offer

Amid a massive push by nascent AI cloud firms (aka neoclouds), CoreWeave looked to buy Core Scientific for $9bn in the summer of 2025.

Long-time collaborators, CoreWeave has signed several deals to host its GPUs at Core Scientific facilities across the US. After rebuffing a $1 billion offer in 2024, the pair announced a $9bn all-stock deal in July. However, Core Scientific shareholders voted against the deal in October, amid calls that the deal undervalued the data center firm.