Blackstone Inc. (“Blackstone”), the world’s largest alternative asset manager, together with the Canada Pension Plan Investment Board (CPPIB) entered into an agreement to acquire AirTrunk Operating Pty. Ltd. and its group of companies (collectively, “AirTrunk”) from Macquarie Asset Management and the Public Sector Pension Investment Board on 4 September 2024.
 
AirTrunk, headquartered in Sydney, Australia, the preeminent data centre platform across the Asia Pacific region, has an extensive footprint in key markets including Malaysia. With over 800MW of capacity committed to customers, the data centre platform possesses land holdings strategically positioned to facilitate more than 1.0GW of prospective growth.
 
The deal is Blackstone’s largest investment in the Asia Pacific region for an implied enterprise value of over A$24 billion (US$16.1 billion), which also represents one of the biggest deals in the data centre industry. The completion of the transaction is contingent upon receiving approval from the Australian Foreign Investment Review Board.
 
Simpson Thacher & Bartlett LLP is the lead international counsel for this transaction.
 
Skrine acted as the Malaysian counsel for Blackstone. Our deal team was led by Partner Tan Wei Xian, and supported by Partners Sheba Gumis, Natalie Lim and Sara Lau Der Yin, Senior Associates Rachel Chiah, Engy Tan Shin Chian, Beatrice Yew and Javene Fan Pooi Ling, and Associates Samson Kong Kien Ngiap, Tham Zhi Jun, Sarah Binti Azahar and Siti Ayenaa Binti Mohd Anis and Paralegal Teh Jia Jiun.
 
Further details on the transaction can be accessed here: