Partners Group has acquired US data center firm EdgeCore Digital Infrastructure.
In a statement the company says with it will fund the acquisition with an investment of up to $1.2 billion, which will enable the buildout of existing and future data center sites.
The funding will enable Partners Group to acquire a majority stake in EdgeCore, a company that launched in 2018, and is backed by over $800 million of equity from Singapore's sovereign wealth fund GIC, Canada's OPTrust pension fund, and Mount Elbert Capital Partners.
"Through our thematic investing approach, we found rising demand for data centers in the US as service providers deploy more capacity to support businesses migrating to the cloud. We look forward to building out the platform," said Partners Group managing director Ed Diffendal.
It represents further investment from Partner Group, which acquired the Icelandic data center operator atNorth last year. In total, Partners Group made four digital infrastructure investments last year.
EdgeCore operates six data center campuses across the US, spanning Phoenix, Arizona and the Silicon Valley. The company submitted plans to build a data center in Berkshire, UK, on the site of a former HP office.
The Denver-based firm is led by Tom Ray, former chief executive of IT service management company CoreSite.
"We have identified a pipeline of opportunities across the US and believe Partners Group's extensive experience working with infrastructure platforms, coupled with its financial resources, will enable us to execute on current and future opportunities," adds Ray.
Partners Group was advised by Latham and Watkins, KPMG, Clifford Chance, and Ropes & Gray. EdgeCore was advised by Greenberg Traurig, RBC Capital Markets, and Ernst and Young.
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