AirTrunk majority stake sale down to two

17 December 2019 - 12:00 am UTC

Goldman Sachs’ sale of its AirTrunk hyperscale data centre business is moving ahead, with sources familiar with the matter confirming that two groups have been shortlisted. 

Macquarie Infrastructure and Real Assets is one bidder and a tie-up between Canadian pension fund OMERS and IPI Partners, advised by UBS, is the other, three of the sources said. 

US-based IPI Partners manages the IPI Data Centers Fund I, a real estate fund that invests in data centres co-sponsored by ICONIQ Capital and an affiliate of Iron Point Partners, according to its website.

Final bids for a majority stake in the business are due by 30 December, said two additional sources.

Goldman Sachs’ Special Situations Group and private equity fund TPG Capital’s Sixth Street Partners own about 77% of AirTrunk, and will both sell out, the sources said.

AirTrunk founder Robin Khuda, who holds about 20% of the business, is expected to sell down some of his stake. Other AirTrunk executives hold the balance.

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