Macquarie Tech to raise $100m for data centre acquisition
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The news: Macquarie Technology has outlined an equity raising after agreeing to acquire land and buildings at its Macquarie Park data centre campus in Sydney.
The numbers: The company will acquire land and buildings from Keppel DC REIT for $174 million.
It will fund the deal with a $90 million loan note and $100 million equity placement, with shares to be issued at $72.50. This a 6.1% discount to Monday’s closing price of $77.21. Over the last 12 months Macquarie Technology share price has increased 28.2%.
The context: The data centre, cloud and telecom company said the acquisition provides greater flexibility for future capital management and creates value over the long term life of the assets.
The deal would position the company to capitalise on the fast growing cloud and artificial intelligence megatrends, it said. The share sale would be completed in two tranches, with shareholder approval to be sought for the $70.6 million second tranche.
The source: ASX announcement
