Powering the platform
Capturing the next wave of growth
"This transaction highlights AirTrunk’s position at the forefront of digital infrastructure growth, fueled by AI, cloud demand, and the energy transition."
Seizing
the opportunity
Global investment in digital infrastructure is reaching historic levels. With AI, cloud computing, and data-intensive technologies reshaping the way businesses operate, demand for hyperscale data centers has surged. Over the next five years, it is expected that more than US$2 trillion will be deployed to build and upgrade data center capacity around the world.1 Asia Pacific (APAC), in particular, is emerging as a focal point for this transformation — underpinned by rising digital penetration, growing AI adoption, and increasing cloud infrastructure needs.
AirTrunk, founded in 2015 and headquartered in Australia, is at the center of this evolution. The company develops and operates hyperscale data centers across Australia, Hong Kong, Japan, Malaysia, and Singapore. With more than 800MW of capacity committed and land holdings that support over 1GW of future development, AirTrunk has rapidly become one of the largest and most trusted digital infrastructure providers in the region.2
In September 2024, that trajectory reached a defining moment. Blackstone and CPP Investments announced they had entered into a definitive agreement to acquire AirTrunk from Macquarie Asset Management and PSP Investments. The transaction implies an enterprise value of over A$24 billion3, making it the largest data center deal globally, the largest M&A deal of the year in Australia, and one of the largest M&A deals in Australian history. It also marks Blackstone’s largest investment to date in the Asia Pacific region — and a key pillar in its strategy to build the world’s leading digital infrastructure platform.
For CPP Investments, the transaction represents a meaningful expansion of its data center footprint and reflects years of sector-building in the region. For both sponsors, the acquisition underscores a high-conviction view that the hyperscale data economy will continue to define infrastructure investing for decades to come.
Accelerating
strategic support
RBC Capital Markets served as Joint Financial Advisor to Blackstone and CPP Investments on the transaction. The firm also acted as Lead Structuring Bank on the debt financing—working alongside three other banks to negotiate terms, structure documentation, and provide significant ticket commitments that anchored the financing package, supported by close coordination across corporate lending and capital solutions teams.
From early strategic dialogue through closing, RBC mobilized its global platform to deliver a seamlessly coordinated solution on an accelerated timeline. More than ten teams were engaged across regions and functions, including Communications and Infrastructure M&A, Power, Utilities & Infrastructure (PU&I), Capital Structuring Advisory, Communications Media and Entertainment, Global Financial Sponsors Group, Corporate Banking, Real Estate Capital Partners, Leverage and Acquisition Finance, Fund Finance, and the Risk Solutions Group.
Fueled by strong demand
"Asia Pacific’s data center sector has seen rapid expansion in recent years, driven by surging demand for digital infrastructure and the accelerating adoption of AI."
RBC’s sector specialists provided strategic positioning and valuation insight, drawing on deep knowledge of data center demand dynamics and digital infrastructure trends. Integration across business lines enabled the team to navigate regulatory complexity and structure and finance a multi-tranche debt solution aligned with sponsor and asset requirements. From a fund finance perspective, RBC also supported Blackstone’s equity investment through increased capital call and NAV-based commitments across a range of investment vehicles. RBC additionally served as Lead Deal Contingent Hedging Provider for the transaction.
The result was a fully integrated advisory and financing solution behind one of the largest and most strategically significant infrastructure acquisitions globally in 2024.
Executing
for success
With the acquisition complete, AirTrunk is entering a new phase of accelerated growth, backed by long-term capital from Blackstone and CPP Investments.
The A$24 billion valuation reflects not just the scale of existing operations but also funding for AirTrunk’s committed expansion projects. This positions the company to rapidly build out additional capacity across Asia Pacific’s most critical hyperscale markets.
With strong sector expertise and regional reach, Blackstone and CPP Investments bring the experience and firepower to help AirTrunk execute at speed. The focus is on scaling infrastructure to meet the surging needs of cloud and AI-driven customers, while investing strategically in land, power, and connectivity for future development.