BlackRock and IFM in Exclusive Talks for Stack’s Asia-Pacific Data Centers

A consortium including BlackRock-backed Artificial Intelligence Infrastructure Partnership (AIP) and IFM Investors is in exclusive talks over Stack Infrastructure’s Asia-Pacific data-center portfolio, according to a September 24 Bloomberg report cited by Reuters. The proposed valuation is about $20 billion to $25 billion. For now, that is a reported possibility—not an agreed sale price or a completed transaction. 12

What assets are involved?

The talks concern Stack’s Asia-Pacific data centers, rather than an announced sale of its entire global business. Earlier regional reporting identified facilities in Tokyo, Osaka, Sydney, Melbourne and Johor Bahru, Malaysia. That list provides a picture of Stack’s presence in the region, but the available reporting does not establish which individual sites would be included in a final transaction. 17

Where do the talks stand?

The investor group is preparing to conduct due diligence and hopes to reach an agreement soon with Stack’s owner, Blue Owl Capital, according to the report. No due-diligence timetable, signing date or final terms have been disclosed in the cited accounts. Exclusive talks narrow the reported negotiating field; they do not mean the purchase has been approved or signed. 12

Why does the buyer group matter?

AIP brings together investors focused on AI infrastructure. September auction reporting described its investment syndicate as including BlackRock’s Global Infrastructure Partners, Microsoft, Nvidia and MGX, and said AIP had teamed up with IFM to submit a non-binding indicative bid. The current report places that pairing in exclusive talks—a later stage of the reported process, though still short of an agreement. 81

How should the price be read?

Earlier auction reporting described Stack’s Asia-Pacific assets as a $25 billion-plus opportunity and named Brookfield, KKR and DigitalBridge among potential suitors. The newer $20 billion–$25 billion figure is a reported range for a possible deal, not proof that Blue Owl has accepted a lower price or that the earlier bidders remain active. 842

The prospective acquisition would give an AI-infrastructure-focused investor group a substantial regional data-center portfolio. Its eventual scope, price and outcome remain open until due diligence is completed and the parties reach—and announce—an agreement. 12