Park Place Technologies has secured a $2 billion funding package from Blackstone.

The company, which helps businesses maintain and optimize their data centers and networks, has also drawn funding from Blue Owl Capital, according to a report from Bloomberg.

It will use the cash to refinance its debt and deliver a payout to its private equity owners, GTCR and Charlesbank Capital Partners.

Park Place Technology Maintenance
Park Place Technologies provides data center optimization services – Park Place Technology

The financing comes in the form of a new $1.7 billion loan, as well as a revolving credit facility and a delayed-draw term loan, the Bloomberg report said, citing sources familiar with the deal.

Park Place is said to have two loans to pay back - one worth $845 million that was initially provided by banks and has since been syndicated to institutional investors, as well as a second tranche of $230 million that was borrowed separately.

Blackstone and Blue Owl Capital declined to comment on the news when approached by Bloomberg. Park Place itself did not immediately respond to an approach from the outlet.

Based in Cleveland, Ohio, Park Place Technologies says it helps more than 21,000 clients optimize data center budgets, productivity, performance, and sustainability. Last month it acquired SDV Solutions, a vendor that offers data center services to US government departments.

Blackstone increasingly sees data centers as a cornerstone of its investment portfolio. In December it launched a $7 billion joint venture with Digital Realty, which will see it build up to 500MW of IT capacity across the US and Europe. Meanwhile, it also plans to spend up to $8 billion building data centers through its QTS Data Centers arm.

Yesterday, it was revealed Blackstone wants to buy the Northumberland Energy Park (NEP3) site in Northumberland, UK, to build a data center campus that will be operated through QTS.

The site had been earmarked for a car battery factory which would have been run by bankrupt battery maker Britishvolt, but will now instead be turned into a hyperscale data center if Blackstone is given permission to purchase the land. It could result in an investment of up to £10 billion ($12.5bn) in the region and thousands of jobs being created.