The owners of Australian data center operator AirTrunk are reportedly stepping up their plans to sell the business in a deal that could value it at up to AU$15 billion ($9.7bn).

Australian investment fund Macquarie Group and Canada's Public Sector Pension (PSP) Investment Board have sent non-disclosure agreements to AirTrunk’s suitors, according to a report by Reuters. This marks the start of the formal sale process.

Between them, the two organizations own 88 percent of AirTrunk. It is not clear how much of their joint stake they are planning to sell according to the Reuters report, which cites a source with direct knowledge of the process. The deal is likely to put a total value of AU$15 billion on AirTrunk, the source said.

Macquarie Group declined to comment when approached by Reuters, while PSP and AirTrunk did not immediately respond to requests for further information.

AirTrunk’s proprietors have been looking for alternative funding streams for some time, and were reportedly seeking to take the company public via an initial public offering (IPO). DCD reported in September that Macquarie and PSP had been investigating a listing on the Australian Securities Exchange, and contacted seven investment banks requesting pitch ideas around a capital review ahead of an IPO.

However, this plan has apparently been scotched, and in January it emerged that a full or partial sale of AirTrunk was being considered instead.

Several parties are said to be interested, including US-based asset manager Blackstone, which last month was reportedly meeting with investment banks to lay the groundwork for a deal. Blackstone owns US and European operator QTS.

Founded in 2015, AirTrunk operates data centers in Asia Pacific, with hyperscale facilities in countries including Australia, Japan, and Singapore. The company is set to open a 320MW site in Sydney as part of a major expansion that will see it launch at least five new data centers across the region.