Blue Owl data centre operator Stack considers US$30 billion sale of Asia operations: sources

[SINGAPORE] Stack Infrastructure, a data centre company owned by Blue Owl Capital, is considering options including a sale of its Asia operations, according to people familiar with the matter.

Denver-based Stack has been speaking with prospective advisers about a partial or full sale of the assets in Australia, Japan and Malaysia, the people said, asking not to be identified because the deliberations are private. A transaction might be valued at more than US$30 billion, some of the people said.

Other infrastructure-focused funds and industry players might be interested in the business, the people said, adding that considerations are preliminary and no final decisions have been made.

A representative for Blue Owl declined to comment, while Stack did not respond to a request for comment.

Data centre companies have drawn in investors, attracted by their close ties to the boom in artificial intelligence. The Asia-Pacific has been a busy region for deals – Stonepeak Partners-backed Digital Edge is exploring a possible sale, people familiar with the matter said last week, while Bain Capital is working on a review of Bridge Data Centres, and Princeton Digital Group has tapped Goldman Sachs Group for what could be another multibillion-US dollar deal. DayOne Data Centers is considering an initial public offering in the US.

Stack operates data centres in the Americas, Europe and Asia, its website shows. Alternative asset manager Blue Owl acquired Stack as part of its takeover of IPI Partners last year. Stack expanded into the Asia-Pacific in 2021, setting its regional headquarters in Singapore and targeting organic growth with landowners and property developers, as well as acquisitions.

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Stack was seeking a loan of around A$3 billion (S$2.8 billion) to help accelerate development in Australia, people familiar with the plan said in February. In October, it closed a 39.7 billion yen (S$320.3 million) green facility to expand its 36 megawatt campus in Inzai, near Tokyo. BLOOMBERG