AirTrunk shortlists infra funds for stake

14 November 2019 - 12:00 am UTC

Four investors have been shortlisted for AirTrunk’s tender for a new shareholder to help fund its hyperscale data centres, according to sources familiar with the matter.

Numerous large global infrastructure funds and private equity investors showed early interest in the offer launched in late August, with indicative bids lodged last week, five sources told Inframation.

Four bidders were shortlisted this week, with sources pointing to OMERS, EQT Infrastructure, Macquarie and Stonepeak being chosen to move to final bids. Others that showed interest included Partners Group, AMP Capital and CDPQ.

It is not clear how much AirTrunk is asking for a share of the business – which sources said will see CEO and founder Robin Khuda sell part of his stake. But two sources put the multiple at 20x-40x EBITDA.

AirTrunk’s EBITDA is around AUD 50m, with forecasts for growth to AUD 90m in the next year. So the bids on the forecast EBITDA could place a value on the business of more than AUD 3bn (USD 2.4bn), the sources said.

Goldman Sachs and private equity fund TPG Capital’s Sixth Street Partners became 60% owners in early 2017.

Read more