Macquarie Nears $2 Billion Deal for Goldman-Backed AirTrunk

Gillian Tan and Manuel Baigorri (Bloomberg) -- An affiliate of Macquarie Group Ltd. is in advanced discussions to acquire AirTrunk in a deal that could value the data center company at more than A$3 billion ($2.1 billion), according to people with knowledge of the matter.

The Australian bank’s infrastructure-investing arm, Macquarie Infrastructure and Real Assets, or MIRA, is the preferred bidder for the company, said the people, who asked to not be identified because the talks are private. No deal has been finalized and it’s possible that one may not be reached, the people said.

AirTrunk is owned by investors including Chief Executive Officer Robin Khuda, the special situations arm of Goldman Sachs Group Inc. and TPG Sixth Street Partners, known as TSSP. Representatives for TSSP and Goldman Sachs declined to comment and a representative for Macquarie didn’t immediately have a comment.

AirTrunk operates data centers in Sydney, Melbourne and Singapore and has announced plans to open a facility in Hong Kong this year.

Infrastructure investors have been flocking toward data centers and other telecommunications assets such as towers and fiber that promise stable, growing earnings. Last year, a fund managed by MIRA acquired a majority stake in Netrality Data Centers, which owns and operates data centers in St. Louis, Kansas City, Houston, Philadelphia and Chicago.

Related:Macquarie to Bankroll ‘Ambitious Expansion’ by Netrality Data Centers

TSSP, which manages $33 billion, was co-founded by Alan Waxman, who was formerly the chairman of the investment committee for Goldman Sachs’ special situations group in the Americas, which has since been folded into its merchant bank.