BlackRock-backed consortium in talks for $25 billion acquisition of Stack’s data centers

### BlackRock-Backed Group in Exclusive Talks to Buy Stack Infrastructure’s Asia-Pacific Data Centers

A consortium backed by BlackRock and Australian infrastructure investor IFM Investors is in exclusive discussions to acquire Stack Infrastructure’s data center operations across the Asia-Pacific region, Bloomberg reported Thursday.

The potential transaction could be valued at about $25 billion, according to people familiar with the matter. The investor group includes the BlackRock-backed Artificial Intelligence Infrastructure Partnership, or AIP, and IFM Investors.

The consortium is preparing to begin due diligence on Stack’s Asia-Pacific assets and is seeking to reach an agreement with Blue Owl Capital, which owns the data center operator, the people said.

The discussions remain ongoing, however, and no final agreement has been reached. Reuters said it was unable to independently verify Bloomberg’s report.

Stack Infrastructure operates data center facilities across several major Asia-Pacific markets, including Tokyo and Osaka in Japan and Sydney and Melbourne in Australia. Its portfolio has attracted interest as demand for computing capacity continues to increase alongside the rapid expansion of artificial intelligence and cloud-based workloads.

The potential transaction comes amid a broader surge in investor interest in data centers, which have become increasingly valuable infrastructure assets as technology companies expand their AI operations and require facilities capable of supporting large-scale computing workloads.

Blue Owl has been exploring a sale of Stack’s Asia-Pacific operations at a valuation exceeding $30 billion, according to earlier reports. By June, IFM and AIP had emerged among the potential bidders for the portfolio.

The eventual value of the assets remains uncertain. Analysts have placed possible valuations in the range of roughly $20 billion to $25 billion, depending on the assets included in the transaction and the terms agreed between the parties.

For Blue Owl, a sale would provide an opportunity to monetize part of its investment in Stack while potentially allowing the company to redeploy capital into other infrastructure opportunities.

For the prospective buyers, the transaction would provide access to an established portfolio of data centers in some of the Asia-Pacific region’s key technology and business hubs.

AIP, an investment platform focused on infrastructure supporting artificial intelligence, was launched in 2024 with plans to invest more than $30 billion in AI-related infrastructure, including data center developments.

BlackRock has also been increasing its exposure to the data center sector. The asset manager previously partnered with Meta Platforms on the development and operation of a major data center campus in El Paso, Texas, in a project valued at approximately $14 billion.

The potential Stack transaction comes as investment in AI infrastructure accelerates globally. Data center developers are raising billions of dollars to expand capacity, while technology companies and infrastructure investors compete for access to power, land and computing facilities.

Crusoe, an AI data center developer, recently raised $3.9 billion at a valuation of $30.9 billion to support its expansion of AI infrastructure in the United States.

Construction activity is also increasing. Swedish construction company Skanska recently signed a $1.19 billion contract to build four data centers in the southeastern United States, highlighting the scale of capital flowing into the sector.

The growing investment has also brought increased scrutiny, particularly around electricity consumption, water use, land requirements and the broader environmental impact of large data center developments.

If completed, the Stack transaction would rank among the larger recent deals involving Asia-Pacific data center infrastructure and underscore the growing importance of the region as global demand for AI computing capacity expands.