Global Data Centre Group (GDCG) has sold its stake in regional Edge data center operator Etix Everywhere to French investment firm Infranity.
GDCG this week announced it has entered into a contract to divest its co-controlled investment in Etix to Infranity Equity Fund SCA SICAV-RAIF.
The deal will see €108 million (US$117m) in net proceeds after transaction fees, which GDCG said was a 52 percent increase on the AU$115 million (US$76.6m) carrying value of its Etix investment as of 31 December 2023.
The transaction is expected to close during the first quarter of 2025, pending approvals.
Louis Blanchot, CEO of Etix Everywhere: “We are delighted to welcome Infranity on board, which will allow us to continue developing our data center platforms through organic growth and strategic acquisitions and become a major edge player in Europe. Being backed by two premium European funds, Eurazeo and Infranity, will allow us to support our European IT partners with sustainable and European sovereign colocation offering, while gaining faster market shares in our targeted markets.”
Eurazeo remains an investor in Etix.
Lanrik Partners managing director David Yuile said: “It has been a pleasure to have supported Etix’s growth since GDC’s initial investment in December 2020. We are very pleased with the outcome of the transaction, which is the second divestment in line with the group’s stated value realization strategy.”
After Vantage acquired most of Etix’s European hyperscale footprint, ASX-listed Global Data Centre Group bought the remainder of Etix in 2020. Today, the company operates small Edge facilities in France, Belgium, Thailand, and Colombia.
European private investment firm Eurazo invested $46.8 million into Etix last year.
Infranity is a European asset management company specializing in sustainable infrastructure investments and is part of the Generali Investments ecosystem. It is also an investor in Vantage.
Romain Le Melinaidre, executive director, equity investments at Infranity, said: “We are delighted to support Etix in its next development phase alongside Eurazeo as a long-term partner. Led by an experienced management team, we believe Etix is already a well-established name in this fast-growing European Edge data center space, yet we see significant potential to expand in the near future.”
Melissa Cohen, partner, infrastructure at Eurazeo, added: “We are happy to start the new chapter for Etix together with Infranity, and to continue our development plan that relies on both organic and external growth, under the leadership of a seasoned management team. We are proud of Etix’s trajectory since our entry in early 2023, as the company has become a leading player in France, whilst embarking into a decarbonization pathway.”
Infranity was advised by ODDO BHF Corporate Finance, Bird & Bird, Deloitte, PMP and Via DC.
GDCG also said the ASX has confirmed that it will grant the company a six-month period to demonstrate a sufficient level of operations in accordance with ASX listing requirements.
“If GDC is unable to demonstrate compliance with ASX Listing Rule 12.1 within that six-month period, GDC’s securities will be suspended,” the company said.
The company recently sold a Fujitsu-occupied data center in Perth, Australia.
