14 · $73B 2024
Data center transactions & M&A
Who is buying data center platforms, at what values, and what it signals for asset pricing. Only publicly announced deals with named sources; undisclosed values stay undisclosed — nothing here is an estimate.
Quick answer
How big is data center M&A?
Data center deal-making set an all-time record of $73 billion in closed transactions in 2024 (Synergy Research), and the ceiling keeps rising: the Aligned Data Centers acquisition announced in 2025 is the largest data center deal on record. Below are 14 landmark transactions we track, each linked to its source. (Synergy Research Group)
Where the target's facilities are tracked in our catalog, the name links to the operator profile.
| Target | Buyer | Value, $B | Type | Announced | Source |
|---|---|---|---|---|---|
| SK Horizon Spin-off of SK Broadband's AI data center and submarine cable operations: 318MW across eight operating facilities in Korea plus two under construction (Ulsan, Guro) | KKR + IMM Investment-Stonebridge consortium | 2.20 KRW 3.08 trillion combined equity investment; KKR 29% stake, IMM consortium 20%, SK Telecom retains 51%. Spin-off completion targeted Q1 2027. | Equity investment | 2026-08 | SK Telecom (PR Newswire) |
| ST Telemedia Global Data Centres APAC platform across Singapore, Thailand, India, UK | KKR + Singtel | 5 S$13.8B enterprise value incl. debt and committed capex; ~US$5B for the equity | Take-private | 2026-02 | CNBC |
| atNorth Nordic campuses (Iceland, Sweden, Finland, Denmark) | Equinix + CPP Investments | 4 CPP ~$1.6B for a 60% controlling stake; Equinix ~40% | Acquisition | 2026 | Data Centre Magazine |
| Aligned Data Centers US and LatAm hyperscale platform; the largest data center deal on record | BlackRock / Global Infrastructure Partners (AIP) + MGX | 40 | Acquisition | 2025-10 | DCD |
| AirTrunk APAC hyperscale platform: Australia, Japan, Malaysia, Singapore, Hong Kong | Blackstone + CPP Investments | 16.10 A$24B enterprise value | Acquisition | 2024-09 | Blackstone |
| Vantage Data Centers Growth equity for North America and EMEA expansion | DigitalBridge-led investor consortia | 9.20 two equity raises combined, incl. $3.1B for EMEA | Equity investment | 2024-06 | Synergy Research |
| Cumulus Data Center Campus Nuclear-adjacent campus at Susquehanna, PA — single-asset deal | Amazon Web Services | 0.65 | Acquisition | 2024-03 | dataXconnect |
| Chindata Group China + APAC hyperscale campuses (now WinTriX) | Bain Capital | 3.16 | Take-private | 2023-08 | DCD |
| Compass Datacenters US hyperscale build-to-suit platform | Brookfield Infrastructure + Ontario Teachers' | 5.50 | Acquisition | 2023-06 | dataXconnect |
| Switch Inc. US wholesale campuses (Las Vegas, Reno, Atlanta, Grand Rapids) | DigitalBridge + IFM Investors | 11 | Take-private | 2022-05 | DCD |
| CyrusOne US + European hyperscale portfolio | KKR + Global Infrastructure Partners | 15 | Take-private | 2021-11 | DCD |
| CoreSite US interconnection-dense retail colocation portfolio | American Tower | 10.10 | Acquisition | 2021-11 | DCD |
| QTS Realty Trust US hyperscale and hybrid colocation platform | Blackstone | 10 | Take-private | 2021-06 | DCD |
| Interxion European interconnection platform — became Digital Realty EMEA | Digital Realty | 8.40 | Acquisition | 2019-10 | dataXconnect |
Source URLs for every deal live on the sources page and in the open dataset: Sources · CSV
New transactions land in the weekly digest as they are announced.
What qualifies
Platform-level M&A, take-privates, majority stakes and growth equity of roughly $1B and above, announced publicly. Values are as reported by the parties or major trade press; we do not estimate undisclosed values or compute per-MW multiples without disclosed capacity. Corrections welcome — every row cites its source.
Buying or selling data center assets? The real estate desk takes both sides.
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