M&A Deal Summary

The Blackstone Group and CPP Investments Acquire AirTrunk

On September 4, 2024, private equity firm The Blackstone Group and pension CPP Investments acquired information technology company AirTrunk from Macquarie Capital and PSP Investments for 24.0B AUD

Acquisition Highlights
  • This is The Blackstone Group’s 23rd and CPP Investments’ 4th transaction in the Information Technology sector.
  • This is The Blackstone Group’s 7th and CPP Investments’ 2nd largest (disclosed) transaction.
  • This is The Blackstone Group’s 7th and CPP Investments’ 1st transaction in Australia.

M&A Deal Summary

Date 2024-09-04
Target AirTrunk
Sector Information Technology
Buyer(s) The Blackstone Group
CPP Investments
Sellers(s) Macquarie Capital
PSP Investments
Deal Type Secondary Buyout
Deal Value 24.0B AUD

Target

AirTrunk

North Sydney, Australia
AirTrunk is an Asia Pacific data center platform operating 800MW of capacity committed to customers and owns land that can support over 1GW of future growth across the region. AirTrunk was founded in 2015 and is based in North Sydney, Australia.

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Buyer(S) 2

Buyer

The Blackstone Group

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1987
PE ASSETS 394.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

The Blackstone Group is a global alternative investment management firm. The Firm's investment activities span real estate, secondary investments, hedge funds, credit, infrastructure, and private equity. Blackstone's private equity group targets opportunities globally including buyout acquisitions of established companies, development projects, growth equity financings, and industry consolidations. Sectors of interest include automotive, healthcare, chemicals, industrial, commercial property, lodging, communications, media/publishing, consumer & retail, packaging, consumer products, pharmaceuticals, energy, technology, entertainment, telecommunications, financial services, theme parks, food & beverage, and transportation. Blackstone's private equity real estate group looks for opportunities across North/South America, Asia, Australia/New Zealand, and Europe. The real estate group will consider both equity and debt investments. Areas of interest include healthcare, hotel, industrial, office, residential, and retail. The Blackstone Group was formed in 1987 and is based in New York, New York.


DEAL STATS #
Overall 340 of 362
Sector: Information Technology M&A 23 of 25
Type: Secondary Buyout M&A Deals 82 of 90
Country: Australia M&A 7 of 7
Year: 2024 M&A 14 of 20
Size (of disclosed) 7 of 183
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-08-15 M3

Lawrenceville, Georgia, United States

M3 is a cloud-based financial platform and services company serving over 8,000 properties across North America’s hospitality industry helping drive cost savings, revenue enhancement, and business insight. M3 was founded in 1998 and is based in Lawrenceville, Georgia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-09-20 G6 Hospitality

Carrollton, Texas, United States

G6 Hospitality owns, operates and franchises economy lodging locations under the Motel 6 brand and the Studio 6 Extended Stay brand. G6 Hospitality is based in Carrollton, Texas.

Sell $525M
Buyer
DESCRIPTION

CPP Investments is a Canadian pension fund focused on a variety of investing strategies, including public equities, debt, and alternative investments. The Firm's private equity arm looks to acquire direct stakes in private companies, as well as make fund investments and acquire secondary positions. For direct stakes in companies, CPP looks to invest across North American and Europe and seeks to commit a minimum of $150 million per transaction. CPP has no industry preferences however the Firm will not invest in real assets. CPP Investments was established in 1997 and is based in Toronto, Ontario.


DEAL STATS #
Overall 52 of 56
Sector: Information Technology M&A 4 of 4
Type: Secondary Buyout M&A Deals 11 of 13
Country: Australia M&A 1 of 1
Year: 2024 M&A 3 of 4
Size (of disclosed) 2 of 26
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-07-03 Keywords Studios

Dublin, Ireland

Keywords Studios is an international technical services provider to the global video games industry. The company provides integrated art creation, localization, testing, audio, and customer care services across 50 languages and 14 game platforms to a blue-chip client base in more than 15 countries. Keywords Studios was founded in 1998 and is based in Dublin, Ireland.

Buy £2.1B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-10-21 Nord Anglia Education

London, United Kingdom

Nord Anglia Education is an international operator of premium schools, serving students from kindergarten through the end of secondary school (K-12). Together, they educate more than 37,000 students from kindergarten through to the end of secondary education. Nord Anglia Education was formed in 1972 and is based in London, United Kingdom.

Sell $14.5B

Seller(S) 2

DESCRIPTION

Macquarie Capital is the principal investing arm of financial services company Macquarie Group. Macquarie Capital has global capability in advisory, capital raising services, and provides clients with specialist expertise, advice and flexible capital solutions across a range of sectors and products including investing alongside partners and clients. Macquarie Capital is based in Sydney, Australia.


DEAL STATS #
Overall 10 of 11
Sector: Information Technology M&A 2 of 2
Type: Secondary Buyout M&A Deals 6 of 6
Country: Australia M&A 2 of 2
Year: 2024 M&A 2 of 2
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-06-24 Kalkomey

Richardson, Texas, United States

Kalkomey provides technology-enabled recreational safety management solutions to outdoor enthusiasts and government agencies. Kalkomey provides software to state agencies to drive recreational participation and civic engagement and grow agency revenue. Kalkomey was founded in 1995 and is based in Richardson, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-02-19 DynaGrid

Lewisville, Texas, United States

DynaGrid is an independent provider of subgrade and sitework services for electric utility transmission infrastructure. DynaGrid performs essential and technical services required to upgrade, harden and expand transmission infrastructure. DynaGrid was formed in 2012 and is headquartered in Lewisville, Texas.

Buy -
SELLER

PSP Investments

Investor Investor Investor Investor Investor


Category Pension
Founded 1999
PE ASSETS 299.7B CAD
Size Mega
Type Sector Agnostic
DESCRIPTION

PSP Investments is a Canadian pension manager focused on a variety of investment strategies including public equities, real estate, private equity, infrastructure, private debt, and natural resources. The Firm's private equity group looks to back funds as well as make direct investments in partnership with managers. PSP will consider opportunities globally and will invest across a broad range of sectors, including financials, consumer, industrials, healthcare, technology, communications, and energy. PSP Investments is based in Ottawa.


DEAL STATS #
Overall 9 of 9
Sector: Information Technology M&A 1 of 1
Type: Secondary Buyout M&A Deals 3 of 3
Country: Australia M&A 1 of 1
Year: 2024 M&A 3 of 3
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-04-01 Keter

Herzliya, Israel

Keter is a manufacturer and marketer of resin-based household and garden consumer products and found in more than 25,000 retail outlets worldwide. Keter was founded in 1948 and is based in Herzliya, Israel.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-03-13 407 ETR

Woodbridge, Ontario, Canada

407 ETR is an all-electronic, barrier-free, toll highway spanning 108km in the Greater Toronto Area. 407 ETR is based in Woodbridge, Ontario.

Buy -