Acquisition Significantly Advances IPI’s Data Center Presence in Europe
DigiPlex, a leading Nordic developer and operator of scalable, secure and sustainable data centers, has agreed to be acquired by affiliates of IPI Partners, LLC, a global investment platform focused exclusively on data centers and other technology and connectivity-related real assets (“IPI”). Through the transaction, which is expected to close in Q3 2021, IPI will acquire 100% ownership of all DigiPlex Group companies. It is expected that on or around closing of the transaction, a call notice will be served on holders of bonds issued by Norwegian DigiPlex entities as issuers listed on the Oslo Stock Exchange for their early redemption in accordance with their terms.
DigiPlex operates eight data centers across campuses in the key Nordic markets of Oslo, Norway; Stockholm, Sweden; and Copenhagen, Denmark with a combined footprint of 21,000m² built whitespace plus over 400,000m² of land currently available for customer expansion. The company has long been committed to the premise that digital transformation and sustainability should advance hand in hand and has won several awards for its energy efficient innovations and sustainability initiatives. DigiPlex’s technologically advanced facilities are powered by 100% sustainable sources.
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Through the acquisition of DigiPlex, IPI will gain a significant leadership position in Northern Europe. The transaction brings IPI an immediate strong presence in the region as well as capacity for expansion to accommodate the requirements of hyperscalers and major colocation tenants. DigiPlex’s long and successful history of developing campuses for customers will be leveraged to rapidly expand into complementary markets in Europe. For DigiPlex, the transaction provides capital, expertise and relationships to amplify its next stage of growth within the Nordics and beyond. DigiPlex is IPI’s second acquisition in Europe, following the purchase of Milan-based SUPERNAP Italia in February 2021.
IPI specializes in acquiring, developing, leasing, and operating critical digital infrastructure assets to serve the needs of large, high quality technology companies globally. Co-sponsored by ICONIQ Capital, LLC and an affiliate of Iron Point Partners, LLC, IPI leverages the combined leadership, strategic experience and global network of its sponsoring firms. Over the past five years, IPI has built one of the world’s largest privately held data center portfolios focused on the hyperscale and enterprise markets and raised more than $5.25 billion in total equity capital commitments.
“DigiPlex is a market leader in the high-growth Nordic data center sector and we have long admired the quality of its management, employees and business strategy. With DigiPlex’s existing scaled presence and deep development expertise, we will significantly expand our hyperscale-focused data center portfolio in Europe, a key region of focus for IPI,” commented Matt A’Hearn, Partner at IPI. “We are excited to partner with the DigiPlex team to further realize on the company’s tremendous growth potential. Utilizing our network and existing businesses, we believe we can together build a platform that meets the rapidly evolving needs of the digital economy in the Nordics and beyond.”
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J. Byrne Murphy, founder and Chairman of DigiPlex for the last 20 years, added, “What DigiPlex has achieved over the past 20 years is an amazing accomplishment and a testament to the incredible people who work there. It is the right time to give DigiPlex extended firepower to capitalize on its advantages and benefit from the next wave of growth in the industry. It is also crucial to me and to my partner, Bill Conway, to hand DigiPlex off to new owners who recognize and support its people, culture, experience, and customers, as well as the communities in which it operates.”
Wiljar Nesse, CEO of DigiPlex, added,”At a time of rapid growth for the industry, IPI provides near-term scalability to DigiPlex. New capital, as well as a global footprint and access to global supply chains, relationships and customers, are expected to supercharge our growth, enabling us to continue meeting the hyperscale demand that we are experiencing. We believe this acquisition is an acknowledgement of our strong customer relationships and proven business model, and that employees and customers alike will benefit as we accelerate our plans and expand our vision in partnership with IPI.”
RBC Capital Markets served as the exclusive financial advisor while Latham & Watkins and Wikborg Rein served as legal advisors to DigiPlex in connection with this transaction. Gibson, Dunn & Crutcher LLP, Schjodt, and Lundgrens served as legal advisors to IPI. Deutsche Bank Credit Solutions and Direct Lending acted as Mandated Lead Arranger.
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