Latin American technology firm GTD is selling a large minority stake in its data center business to Peruvian investment firm Romero Group.

The company this week announced Romero's infrastructure investment unit InfraCorp would take a 49 percent stake in Gtdata, a newly formed subsidiary of GTD, which currently manages up to 11 data centers in Chile, Colombia, and Peru.

InfraCorp will invest in Gtdata Holdco, paying an initial investment of €119 million ($137.6m), in a deal that is still pending regulatory approvals.

As part of the investment, the companies and InfraCorp, part of the Romero Group, will join forces to develop a regional network of data centers in Latin America. The new joint venture will manage 11 data centers across Chile, Peru, and Colombia, combined with regional expansion plans.

"This partnership will allow us to accelerate our growth plan, support companies' digitalization challenges, and become a relevant player in the data center business in Latin America," said Manuel José Casanueva, GTD VP. "InfraCorp is a highly prestigious strategic partner, with whom we share a focus on service quality and a long-term vision."

The objective of this new partnership is to expand and operate data centers throughout Latin America, taking advantage of GTD's operational experience and the infrastructure and financial capacity of the Romero Group.

This new entity will manage not only the already operational infrastructure but also the expansion into new countries, though details weren't shared.

Founded in 1980, GTD's 12 data centers across Chile (8x), Colombia (x2), and Peru (x2), have a total capacity of around 17MW. The telco also operates an 82,000km fiber network.

GTD was reportedly previously in discussions about a similar deal with Macquarie back in 2023, but pulled out of negotiations.

InfraCorp's previous investments include energy and distribution firms in Guatemala, Peru, and Colombia.