M&A advisory for data centers companies
Data centers are one of the largest categories in global M&A, with AI demand pulling forward years of build-out and infrastructure funds, hyperscaler corp dev and sponsor-backed platforms competing for the same sites and operating capacity. The value driver in a deal is increasingly the constraints around the asset: secured power, grid interconnection timelines, water and cooling, and how quickly contracted MW can be brought online. Sites with cleared power allocation trade at a different multiple to sites without.
The buyer universe is concentrated around colocation strategics such as Equinix, Digital Realty, NTT and Iron Mountain, the hyperscaler corp dev teams at AWS, Azure and Google running build-to-suit and tuck-in M&A, and the infrastructure investors and sponsor-backed platforms that dominate the category, including Blackstone, KKR, Brookfield, DigitalBridge, Macquarie and GIP. Flow has direct access to these buyers and runs outreach weighted by who has closed at the relevant scale recently. Process design is built around contracted MW and customer credit, lease and PPA economics, the realistic path to additional capacity, and regulatory posture on power, water and zoning.
Flow team has relevant sector experience and has worked with data-center companies across hyperscale and wholesale colocation, retail and edge, interconnection and carrier-neutral facilities, and build-to-suit platforms.
"Data centers" KPIs M&A buyers look at
Key metrics strategics and PE buyers look at when analayzing data centers M&A targets
MW capacity (operating)
MW contracted
MW under construction
Utilisation
Revenue per MW
PUE
Contracted backlog
WALT (weighted avg lease term)
Lease-adjusted EBITDA
Capex per MW delivered
Customer concentration
Interconnection revenue
Data centers valuations in May 2026
Public data centers comps trade at 7.5x EV/Revenue. Median revenue multiple across data centers M&A deals was 5.4x in the last 12 months.
7.5x
Median EV/Revenue as of May 2026 for public data centers companies
12x
Oracle is the highest valued public data centers company based on EV/Revenue (excluding outliers)
5.4x
Median EV/Revenue across data centers M&A deals in the last 12 months
23x
Median EV/Revenue across data centers VC rounds in the last 12 months
Key recent data centers M&A deals
$40B acquisition of Odata Brasil by BlackRock was the largest data centers M&A transaction completed in the last year.
See all data centers M&A deals| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Oct-25 | Odata Brasil |  | Odata Brasil is a São Paulo-headquartered operator of hyperscale data centers offering colocation, cloud connectivity, and interconnection services across Brazil. Facilities in Campinas, Rio de Janeiro, and Fortaleza provide up to 30 MW capacity with Tier III uptime. Launched in 2017 through a partnership with Digital Realty, Odata serves telecoms, banks, and tech firms with direct access to IX.br and international cables. | BlackRockMGX | $40B | - | |
Oct-25 | Aligned |  | Aligned is a Plano-headquartered data center operator delivering hyperscale colocation facilities across North America, including campuses in Texas, Ohio, and Nevada with over 500 megawatts of critical power capacity. Its ExpandOnDemand framework supports modular expansions up to 100MW per hall using pre-engineered designs. Facilities incorporate direct-to-chip liquid cooling alongside air systems for AI workloads exceeding 100kW per rack. Connectivity includes connections to AWS Direct Connect, Google Cloud Interconnect, and 200+ networks via Equinix and Megaport. Launched in 2020, Aligned serves cloud providers and enterprises with 100% uptime SLAs. | AI Infrastructure Partners | $40B | - | |
Jun-25 | Sugon |  | Dawning Information Industry Co Ltd is a China-based company engages in the manufacturing and selling of computers and servers. The company also provides industrial solutions and cloud computing services. Its products include server products, safety products, high-performance computing products, infrastructure, storage products, and cloud computing products. It offers integrated information services such as cloud computing and large data, software development, system integration and technical services. | Hygon Information Technology | $16B | 7.7x | |
Jul-25 | Core Scientific | | Core Scientific Inc is engaged in designing, building and operating digital infrastructure for high-performance computing. The business operates in three operating segments; Digital Asset Self-Mining, consisting of performing digital asset mining for the own account, Digital Asset Hosted Mining, consisting of providing hosting services to third parties for digital asset mining, and HPC Hosting, consisting of providing hosting services to third parties for graphics processing unit (GPU) based HPC hosting operations. The majority of revenue is derived from the Digital Asset Self-Mining Segment. | CoreWeave | $9.0B | 19x | |
Feb-26 | ST Telemedia Global Data Centres |  | ST Telemedia Global Data Centres is a Singapore-headquartered provider of colocation, cloud, and connectivity services operating over 100 data centers across 12 cities in Asia Pacific, Europe, and the United States. With more than 500 megawatts of IT load capacity, it serves hyperscalers, enterprises, and financial institutions through facilities in Singapore, Hong Kong, China, India, and beyond, featuring Tier III+ certifications, renewable energy integration, and submarine cable connectivity. | KKR | $5.2B | - | |
Feb-26 | atNorth |  | atNorth is a Reykjavik-headquartered Nordic operator of renewable energy-powered data centers providing colocation, cloud, and high-performance computing services for AI, simulation, and visualization workloads. The company runs facilities in Iceland, Sweden, and Finland, with expansions planned for Helsinki in 2025, Ballerup and Ølgod in Denmark, and Kouvola in Finland. atNorth acquired HPC specialist Gompute in 2023 to bolster its full-stack offerings featuring PUE below 1.2 through seawater cooling and geothermal power. Founded in 2009 and backed by Partners Group since 2022, it hosts workloads for research institutions and tech firms across Europe. | CPP Investments | $4.0B | - | |
Dec-25 | DigitalBridge Group | | DigitalBridge Group Inc is a developer of alternative asset manager dedicated to investing in digital infrastructure. The company's platform invests in and operates businesses across the digital ecosystem, including cell towers, data centres, fiber, small cells, and edge infrastructure, to provide clients with funds for digital infrastructure real estate infrastructure. | - | $4.0B | 6.6x | |
Dec-25 | Celestial AI | | Celestial AI is a semiconductor company building optical interconnects for AI data centers. Its Photonic Fabric interconnects memory pools with compute engines using silicon photonics to achieve over 10 TB/s bandwidth per socket. The technology disaggregates memory from GPUs for hyperscale training workloads. Partnerships include AMD and Samsung for HBM integration. Founded in 2020, Celestial AI locates headquarters in Santa Clara, California, and ships prototypes to cloud providers. | Marvell Technology | $3.3B | - | |
Apr-26 | DustPhotonics |  | DustPhotonics is a Modi'in-headquartered producer of silicon photonics-based pluggable optical modules for data centers, enterprise networks, and high-performance computing. Founded in 2017, the company operates an additional office in Cupertino, California, where its AuraDP technology supports advanced 400G and 800G connectivity solutions. | Credo Technology Group | $1.3B | - | |
Nov-25 | Northern Data |  | Northern Data AG is a Business-to-Business technology company developing, using, and selling solutions on vertically integrated computing infrastructure. Its segment includes Peak Mining; Taiga Cloud and Ardent Data Centers. Geographically, it operates in Europe (excluding Germany), North America, and Germany. The company derives maximum revenue from Europe. | Rumble | $970M | 4.2x | |
Feb-26 | Polarise | | Polarise delivers an AI infrastructure stack featuring high-density data centers, GPU cloud services, and managed platforms with liquid cooling and green energy for intensive workloads, emphasizing European data sovereignty. | SWI Capital Holding | $538M | - | |
Jan-26 | T | Towerlink France |  | Towerlink France is a developer and operator of data centers in France, supporting digital infrastructure growth with a focus on sustainability. | VIFSP6 TRINITY | $463M | 91x |
Nov-25 | BlockFusion | | - | Blue Acquisition | $450M | - | |
Mar-26 | Lefdal Mine Datacenter |  | Lefdal Mine Datacenter utilizes a Norwegian mine for data center operations with green power, low-cost cooling, stable infrastructure, and a favorable political environment. | 3i Infrastructure | $353M | - | |
Apr-26 | NorthStar Earth & Space |  | - | Viking Acquisition Corp. I | $300M | 10x |
Most active buyers of data centers companies
Daikin Industries, Legrand and Digital Realty Trust are the most active acquirers of data centers companies in the last three years.
See all data centers acquirers| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
Daikin Industries |  | Established in Osaka, Japan, in 1924, Daikin Industries is one of the world’s largest residential and commercial heating, ventilation, and air conditioning product and service companies. North America, Japan, China, and Europe are Daikin’s four biggest markets, with North America accounting for over 30% of the company’s revenue over the years. The air conditioning segment represents about 90% of Daikin’s revenue and operating income, while chemicals and others account for the remaining 10%. | ChilldyneDDC Cabinet TechnologyDDC Solutions+1 | 3 | |
Legrand | | Legrand is a global manufacturer of low-voltage electrical components, which are mostly used in residential (40%) and commercial (40%) buildings, as well as data centers. Its products include wiring devices, cable management, lighting, and audio visual equipment, sold under approximately 80 brands across 180 countries. Its products are sold primarily through specialist distributors that subsequently sell to installers/electricians. Legrand is a major supplier to global electrical equipment distributors, including Rexel and Sonepar. North America and Europe each account for 40% of group sales. | KEYDAKGreen4TComputer Room Solutions+1 | 3 | |
Digital Realty Trust | | Digital Realty is one of the leading providers of cloud- and carrier-neutral data centers, offering colocation and interconnection services to hyperscalers and large businesses. Digital Realty operates 300 properties in 57 metropolitan areas across 31 countries, serving 5,000 customers. Renting physical space accounts for about 90% of Digital Realty’s revenue. The firm enables hyperscalers and other clients to store servers, data, and networking equipment. The other 10% of revenue is generated primarily through interconnection services (8%) and other fee income (2%). | TelepointCSF Group PLCTeraco | 2 | |
AI Infrastructure Partners | - | SemiConXAligned | 2 | ||
KKR | | KKR is one of the world's largest alternative asset managers, with $723.2 billion in total managed assets, including $585.0 billion in fee-earning AUM, at the end of September 2025. The company has two core segments: asset management (which includes private markets—private equity, credit, infrastructure, energy, and real estate—and public markets—primarily credit and hedge/investment fund platforms) and insurance (following the firm's initial investment in, and then ultimate purchase of, Global Atlantic Financial Group, which is engaged in retirement/annuity and life insurance lines as well as reinsurance). | ST Telemedia Global Data CentresGlobal Technical RealtyNothing Bundt Cakes+2 | 2 | |
Antimatter | | Antimatter is a data platform that handles high-speed ingestion, permission controls, and API access with encryption across clouds. Security teams, DevOps, finance, and SaaS firms use its tools for AI threat detection, real-time log analysis, and data lake integration to support observability and compliance. | DatafactoryHivePoliCloud | 2 | |
Trane Technologies | | Trane Technologies manufactures and services commercial and residential HVAC systems and transportation refrigeration solutions under its prominent Trane, American Standard, and Thermo King brands. The company generates approximately 70% of sales from equipment and 30% from parts and services. While the firm is domiciled in Ireland, North America accounts for approximately 80% of its revenue, with 13% from EMEA and 7% Asia-Pacific. The company was formed in 2020 when its former parent, Ingersoll Rand, merged with Gardner Denver in a tax-advantaged reverse Morris trust transaction. | LiquidStackStellar Energy (digital unit)BrainBox AI | 2 | |
Nscale |  | Nscale is a Helsinki-headquartered provider of GPU cloud infrastructure optimized for AI workloads. The platform delivers serverless inference endpoints, on-demand training clusters, and bare metal GPU servers for model fine-tuning and deployment. Its private cloud environments support sovereign data processing requirements. Nscale operates Tier 3 data centers in Boden, Sweden, powered entirely by renewable hydroelectric energy from the Pite River. The company integrates a marketplace for pre-configured AI tools and autoscaling solutions. Launched in 2023, Nscale partners with NVIDIA to offer DGX SuperPOD-ready configurations for enterprise-scale generative AI applications. | American Intelligence & PowerKontena | 2 | |
Service Express | | Service Express is a third-party maintenance provider for data center infrastructure, servicing servers, storage arrays, and network gear from Dell, HPE, Cisco, and IBM. Headquartered in Grand Rapids, Michigan, with global offices in the UK, EMEA, and Asia-Pacific, the company offers post-warranty support contracts reducing costs by up to 70 percent compared to OEM pricing for enterprises and colocation facilities. | Top Gun TechnologyMid-RangeServIQ | 2 | |
DTCP | | DTCP is a Berlin-headquartered investment firm managing growth equity and digital infrastructure funds since 2015. DTCP Growth targets SaaS and cloud software firms like TeamViewer, while DTCP Infra finances fiber networks and edge data centers for providers such as Deutsche Telekom. It has deployed capital across Europe and the U.S., with exits including Celeno to Qualcomm. The firm advises on M&A and maintains presences in Munich and New York. | Atlantic Hubmaincubes oneSwiss Towers | 2 |
Founders and investors we've worked with
We've supported winning builders across data centers and beyond.
MAILINGWORK
We acted as exclusive sell-side advisor to MAILINGWORK, a Chemnitz-based email marketing software platform, on its sale to French digital marketing leader Positive Group.
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TestSolutions
We acted as exclusive financial advisor to Swiss PE firm Patrimonium on its majority stake acquisition of TestSolutions, a Frankfurt-based software testing and IT services provider.
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Rebellion Pay
We acted as exclusive sell-side advisor to Rebellion Pay, Spain's leading Gen Z neobanking platform, on its sale to Turkish consumer fintech unicorn Papara.
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HAPPYCAR
We acted as exclusive sell-side advisor to HAPPYCAR, a Hamburg-based pan-European rental car comparison and booking platform, on its sale to Dutch online price comparison player EasyTerra.
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Resillion
We provided buy-side advice to a dominant TIC industry player on the carve-out and acquisition of Resillion (fka Eurofins Digital Testing), a Hasselt-based digital testing, cybersecurity and forensics provider.
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