Equinix to Create $15 Billion JV to Expand Hyperscale Data Centers

By Michael Susin

Equinix on Tuesday said it signed a joint venture agreement in order to raise over $15 billion in capital, together with GIC and CPP Investments, to boost its hyperscale data center portfolio.

The company said the joint venture is intended to accelerate its xScale data center portfolio and nearly triple the investment capital of the Equinix xScale program, enabling hyperscale companies--who operate massive scale data centers and cloud infrastructure facilities--to add core deployments to their existing access point footprints at Equinix International Business Exchange data centers.

Equinix said the joint venture is expected to acquire land to build new facilities on multiple greater-than-100-megawatt campuses in the U.S., adding more than 1.5 gigawatts of new capacity for hyperscale customers.

Under the terms of the deal, Equinix will own a 25% stake, while CPP Investments and GIC will each control a 37.5% equity interest in the joint venture.

The creation of the joint venture is subject to certain conditions.

Write to Michael Susin at michael.susin@wsj.com

(END) Dow Jones Newswires

October 01, 2024 08:41 ET (12:41 GMT)

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