Australian asset manager HMC Capital has agreed a AUD1.94bn ($1.29bn) deal to acquire Global Switch Australia, marking its strategic entry into the rapidly growing data centre market, according to a report by Reuters.
The data centre assets will form the foundation for a new real estate platform, which HMC says it plans to list in the future. The asset manager, which was founded by former banker-turned-investor David Di Pilla, will raise AUD300m at AUD8.75 per share to support the acquisition, with the offer price reflecting a 5% discount to HMC’s closing price on Wednesday. Trading of the company’s shares was halted ahead of the announcement.
Global Switch Australia, which operates two major Sydney facilities, was banned four years ago from serving Australian government agencies over data security concerns.
The acquisition follows a recent deal in which a Blackstone-led consortium purchased rival data centre group AirTrunk for over AUD24 billion, underscoring heightened demand driven by AI and digitalisation trends.
