Macquarie finalises AirTrunk acquisition

08 April 2020 - 05:40 pm UTC

Macquarie Infrastructure and Real Assets (MIRA) and its co-investors have reached financial close on the purchase of a majority share in Australian data centre business AirTrunk.

MIRA said today that a consortium led by Macquarie Asia Infrastructure Fund 2 has acquired an 88% share in AirTrunk, valuing the company at more than AUD 3bn (USD 1.84bn).

The acquisition is based on forecast EBITDA of about AUD 90m, sources have previously said, which would imply a multiple of more than 33x forecast earnings before interest, tax, depreciation and amortisation.

Some of the investors in MAIF2 also put in equity. The group was shortlisted along with a bid from OMERS and IPI Group late last year, with final proposals lodged on 30 December.

MIRA began exclusive negotiations with the sellers in early January. The stake was acquired from Goldman Sachs, Sixth Street Partners and founder Robin Khuda. The announcement said Khuda will continue to hold a “material stake” in the business and stay on as CEO.

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