Top 10: Data Centre M&As

The data centre sector is currently navigating its most transformative period in history. The recent flurry of mergers and acquisitions signals a fundamental pivot towards AI-native infrastructure and global hyperscale dominance. 

Massive liquidity from private equity titans like Blackstone and BlackRock meets the urgent compute requirements of the "Magnificent Seven", driving valuations to unprecedented heights.

In this high-stakes environment, the traditional focus on colocation has been eclipsed by the race for gigawatt-scale power and advanced cooling capabilities.

This list examines the ten most significant deals redefining the power structures of the industry as of early 2026.

10. Digital Realty’s investment in Lisbon

CEO: Andrew Power
Date: March 2026
Key Players: Digital Realty, AICEP

Digital Realty’s strategic move into Portugal marks a critical expansion into the Southern European gateway. 

By establishing a presence in Lisbon, the carrier-neutral giant is positioning itself at the confluence of major subsea cable systems connecting Europe, Africa and South America. 

This investment is less about sheer volume and more about latency and connectivity.

It enables the firm to bypass traditional hubs in Madrid, providing a more direct route for hyperscale traffic and reinforcing the digital corridor between continents. 

9. Bain Capital cashes out a dominant stake in BDC of US$5bn

CEO: Eric Fan (BDC)
Date: April 2026
Key Players: Bain Capital, Citigroup, JPMorgan

As of April 2026, Bain Capital is in the process of offloading a controlling stake in Bridge Data Centres (BDC), with a reported valuation of approximately US$5 billion. 

BDC has rapidly become a powerhouse in the high-growth markets of Southeast Asia and India. 

For expert observers, this transaction highlights the premium being placed on operators with established footholds in emerging digital economies. 

The deal allows Bain to crystallise significant value while providing BDC with fresh capital to scale its APAC pipeline.

8. Alphabet acquires Intersect for US$4.75bn

CEO: Sheldon Kimber (Intersect)
Date: December 2025
Key Players: Alphabet, Google, TPG Rise Climate

In a "bring your own generation" play, Alphabet’s US$4.75bn acquisition of clean energy developer Intersect represents a vertical integration shift. 

Rather than merely purchasing power, Google’s parent company is now owning the infrastructure that generates it. 

With a portfolio of over 10GW of clean energy capacity, Intersect provides the carbon-free power necessary to fuel Alphabet’s massive AI data centre buildouts. 

This deal is a strategic masterstroke in securing the rarest commodity in the industry: sustainable, reliable electricity.

7. Airtrunk integrates Lumina CloudInfra

CEO: Sujeet Deshpande (Lumina CloudInfra)
Date: April 2026
Key Players: Blackstone, AirTrunk, Lumina CloudInfra

This internal Blackstone consolidation sees AirTrunk integrate Lumina CloudInfra to fast-track its entry into the Indian market.

By folding Lumina’s 600MW planned capacity into the broader AirTrunk platform, Blackstone has created a unified APAC powerhouse. 

For the industry, this represents a streamlined approach to regional expansion, combining AirTrunk’s hyperscale operational excellence with Lumina’s local market expertise. 

The move provides a ready-made platform to meet the skyrocketing demand for AI infrastructure across Mumbai, Chennai and Hyderabad.

6. Equinix buys South Mimms campus for US$5.26bn

CEO: Adaire Fox-Martin
Date: October 2025
Key Players: Equinix, DC01UK, Griggs Group

Equinix’s US$5.26bn investment in the South Mimms site represents one of the largest single-campus developments in European history. 

This 85-acre project in the UK’s "Golden Triangle" is designed to deliver more than two million square feet of capacity. 

The acquisition of the site from DC01UK underscores the extreme value of planning-approved land near London. 

For Equinix, this is a future-focused move, securing strategic growth capacity in a market where power and land are increasingly scarce.

5. SoftBank Group acquires DigitalBridge for US$4bn

CEO: Marc Ganzi (DigitalBridge)
Date: April 2026
Key Players: SoftBank Group, DigitalBridge, Simpson Thacher & Bartlett

SoftBank’s official US$4bn acquisition of DigitalBridge Group in April is a massive bet on the asset managers who control the digital ecosystem. 

DigitalBridge manages over US$100bn in digital infrastructure, including towers, data centres and fibre. 

By bringing this expertise in-house, SoftBank is positioning itself as a central architect of the AI era. 

The deal, made in December 2025, allows SoftBank to harness DigitalBridge’s deep industry relationships and operational platform to deploy capital more effectively across the global digital infrastructure landscape.

4. Equinix and CPP Investments acquire atNorth for US$4bn

CEO: Eyjólfur Magnús Kristinsson (atNorth)
Date: February 2026
Key Players: Equinix, CPP Investments, Partners Group

The US$4bn acquisition of atNorth by Equinix and CPP Investments highlights the strategic importance of the Nordics. 

As AI workloads demand high-density cooling and renewable energy, atNorth’s portfolio, optimised for High-Performance Computing (HPC), became a prime target.

The deal gives the new owners access to 1GW of secured power and a massive pipeline in Iceland, Sweden and Denmark. 

It validates the "cool climate" data centre model as a cornerstone for sustainable, large-scale AI training and inference.

3. KKR and Singtel acquire STT GDC for US$5.1bn

CEO: Bruno Lopez (STT GDC)
Date: February 2026
Key Players: KKR, Singtel, ST Telemedia

ST Telemedia Global Data Centres (STT GDC) has been acquired by KKR and Singtel for US$5.1bn.

The deal provides the Singapore-based operator with the firepower to scale its presence across Asia and Europe. 

STT GDC has become a critical partner for hyperscalers, and this capital injection allows it to accelerate the development of AI-ready facilities. 

The transaction reflects the ongoing trend of private equity firms partnering with established operators to capture the long-term tailwinds of cloud migration.

2. Airtrunk bought by Blackstone for more than US$16bn

CEO: Robin Khuda (Airtrunk)
Date: September 2024 (Announced)
Key Players: Blackstone, Macquarie Asset Management, PSP Investments

Blackstone’s acquisition of AirTrunk for more than US$16bn stands as a definitive moment for the APAC digital landscape. 

This deal marks a "high-conviction" play by the world’s largest alternative asset manager, viewing digital infrastructure as the critical utility of the 21st century.

AirTrunk’s massive footprint across Australia, Japan and Singapore provides Blackstone with an immediate, scalable platform to service the needs of global cloud titans. 

The transaction highlights the immense capital required to build the 3 GW+ portfolios necessary to support the next wave of generative AI and hyperscale cloud demand.

1. Aligned Data Centers acquired by BlackRock for US$40bn

CEO: Andrew Schaap (Aligned Data Centers)
Date: October 2025
Key Players: BlackRock, Microsoft, NVIDIA, MGX, xAI

In a record-shattering US$40bn deal, Aligned Data Centers was acquired by a consortium led by BlackRock and featuring industry heavyweights like Microsoft and NVIDIA. 

This transaction represents the pinnacle of data centre M&A, merging unprecedented capital with the primary architects of the AI revolution.

The deal, managed through BlackRock’s Global Infrastructure Partners, signals a new era where the hardware, software and physical real estate of AI are financially entwined.

It sets a new benchmark for valuation, predicated on Aligned’s unique liquid-cooling technology and its massive development pipeline tailored for dense AI clusters.