Asterion & Telefónica are reportedly exploring a sale of Latin America data center firm Nabiax.

Reuters reports infrastructure fund Asterion Industrial Partners, which owns 80 percent of Nabiax, has engaged bankers at BBVA BBVA.MC, and Citigroup C.N to gauge interest in its holding.

– Nabiax

A sale process is expected to kick off after the summer. A deal could value Nabiax at close to €1 billion ($1.12 billion), according to unnamed people familiar with the matter.

Nabiax was formed by Asterion Industrial Partners in 2019 after it bought 11 data centers from Telefónica for €550 million ($616 million). The deal totaled 29MW across seven countries: two each in Argentina, Brazil, Spain, and Peru, with additional individual sites in Chile, Mexico, and the US. Nabiax was then created to offer colocation and hosting services across Spain and Latin America.

In May 2021 Telefónica announced it had sold a further four data centers to Asterion Industrial Partners in exchange for a 20 percent stake in its Nabiax hosting business: two facilities in Chile and two Spanish sites in Madrid and Terrassa.

Telefónica retains a minority stake in Nabiax and is the anchor tenant at the facilities.

Asterion & Telefónica began selling off parts of Nabiax earlier this year. In March 2023, investment firm Actis acquired 11 data centers across six countries in Latin America and the US from Nabiax in a deal reportedly valued at around $500 million. Nabiax still lists those Latin American facilities on its website.