Investment giant Blackstone has acquired a stake in data center developer Rowan.

Investment manager Quinbrook this week announced that funds affiliated with Blackstone have acquired a “significant minority stake” in Rowan Digital Infrastructure. The news confirms previous reports that Blackstone was acquiring a minority stake in the operator.

Terms of the deal weren’t shared.

The companies said the investment will help drive Rowan’s future development pipeline and “support ongoing capacity expansion for hyperscale customers across existing and new sites in the US.”

"This investment positions Rowan to continue delivering sustainable data center capacity for the world's leading technology companies," said Charley Daitch, Rowan CEO. "Blackstone's investment is a strong vote of confidence in our differentiated approach and our ability to execute complex projects at scale — particularly where power availability, accelerated timelines, and community alignment are critical to success."

Set up in 2021 by Quinbrook Infrastructure Partners and Birch Infrastructure, Rowan (formerly known as Rowan Green Data) is developing data centers in Maryland and Oregon, and has sites in Texas near Temple and San Antonio. The University Pension Plan Ontario is an investor in the company.

News that Rowan might be up for sale surfaced in December. Reports suggesting Blackstone was interested came to light last month, with the company reportedly set to acquire a 49 percent stake in a deal valuing Rowan at $3.8 billion, not including debt.

David Scaysbrook, managing partner of Quinbrook and chairman of Rowan, added: "We are delighted that Blackstone is investing in Rowan. As one of the world's leading investors in digital infrastructure and energy, they are ideally placed to help us continue Rowan's remarkable growth story. We're focused on developing power and infrastructure solutions that solve hyperscale operators' urgent need for more compute capacity at scale.

"We established Rowan as an early mover in gaining access to power, which is now driving global data center development. This power focus leverages Quinbrook's specialist expertise in power project development tailored to the needs of energy-intensive customers."

Blackstone has a number of large-scale data center investments. The company has previously acquired QTS and AirTrunk, and has stakes in Vnet, Lumina CloudInfra, Copeland, Park Place Technologies, and Winthrop Technologies, as well as a number of joint ventures with COPT, Digital Realty, and others.

Quinbrook was advised by Goldman Sachs, Evercore, and Kirkland & Ellis LLP. Blackstone was advised by Simpson Thacher & Bartlett LLP.