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06/2024

Vantage Data Centers acquired by DIGITALBRIDGE / SILVER LAKE

UNITED STATES IT Services / Infrastructure & Cloud / Hosting / Datacenter EV 1b USD - 100b USD

Context

On 13 June 2024, an institutional consortium co-led by DigitalBridge Group and Silver Lake completed a equity investment in Vantage Data Centers. Driven by strong institutional oversubscription, the round was upsized by $2.8 billion from its initial target and structured as a combination of primary growth capital and secondary share purchases. Combined with AustralianSuper’s €1.5 billion investment finalized in September 2023, Vantage secured approximately $11 billion in new equity commitments within a nine-month window, of which more than $7 billion represents primary capital ring-fenced to fund its active development pipeline. The capital raise underpins an estimated $30 billion multi-year campus construction program across core availability zones in North America and EMEA. Strategically, the equity injection scales Vantage’s balance sheet to meet record capacity demand from global hyperscalers deploying large-scale cloud and generative AI architectures. Primary proceeds are earmarked to secure transmission-level utility interconnections, expand long-lead land banks, and accelerate the delivery of modular, liquid-cooling-ready hyperscale campuses. The partnership leverages DigitalBridge and Silver Lake’s sector-specific operational playbooks to navigate power-grid constraints, secure mission-critical supply chains, and reinforce Vantage’s standing as a scaled global digital infrastructure operator.

Vantage Data Centers, which reported an EBITDA margin of in 2024, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the TMT (Tech, Media, Telecom) sector (15.1x).

-> Deep-dive in TMT (Tech, Media, Telecom) market trends

Target

Vantage Data Centers is a global developer and operator of hyperscale data center campuses across North America, EMEA, and Asia-Pacific. Led by President and Chief Executive Officer Sureel Choksi, the platform delivers high-efficiency, sustainable digital infrastructure engineered to support hyperscale cloud deployments and high-density artificial intelligence workloads. The company’s core operational footprint encompasses more than 25 campuses owned or controlled across key Tier-1 markets in North America and EMEA, anchored by a multi-year development runway representing over 3 GW of total contracted and planned power capacity. Vantage utilizes modular, build-to-scale campus architectures featuring advanced closed-loop air and direct-to-chip liquid cooling systems. Supported by long-term renewable power procurement and proactive substation engineering, the platform provides global technology conglomerates and enterprise innovators with accelerated speed-to-power, operational uptime, and structural scalability across power-constrained transmission corridors.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (USD)

Year
Rev
EBITDA
EBIT
2024
2023

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REFERENCES

Valuation range: EV 1b USD - 100b USD

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Vantage Data Centers by DIGITALBRIDGE / SILVER LAKE are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Press release: view release

Target: vantage data centers

Acquirer: digitalbridge / silver lake