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Macquarie says $40 billion Aligned sale not a signal of AI or data centre peak

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Macquarie Asset Management (MAM) chief Ben Way said the firm’s $40 billion sale of Aligned Data Centers does not signal an end to the global data centre boom or investor confidence in artificial intelligence infrastructure.

Aligned, one of the world’s largest data centre operators, was owned by Macquarie for seven years before being sold to a group including BlackRock, Microsoft, and Nvidia. The sale represents Macquarie’s largest private equity exit and values Aligned at 5 gigawatts of current and planned capacity.

“We don’t own businesses in perpetuity,” Way told Reuters. “It’s at a great spot to exit — and there’s clearly massive demand to enter. We’re at the beginning, not the end, of the AI and data centre journey.”

Despite industry chatter about a potential bubble, Way said AI-driven digitalization remains a powerful long-term growth driver. Global tech giants including Alphabet, Amazon, Meta, Microsoft, and CoreWeave are expected to spend $400 billion this year on AI infrastructure, according to Morgan Stanley.

Macquarie said it continues to expand its data centre portfolio, including investments in Bohao Internet Data Service, Hanam Data Centre, Netrality Data Centers, and VIRTUS, spanning the U.S., UK, China, and South Korea.

Earlier this month, MAM also announced plans to invest up to $5 billion in Applied Digital to fund two new high-performance computing centres.

“This isn’t a retreat,” Way emphasized. “The world still has a long way to digitalize — and we’re only at the precipice of AI endeavour.”

Macquarie Group shares jumped 5.13% to A$229 on Thursday, their highest since July, outpacing the 0.9% rise in Australia’s benchmark S&P/ASX200 index.

BlackRock, Nvidia, and Microsoft lead $40 billion deal for AI data center giant Aligned

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A powerful investor group including BlackRock, Microsoft, and Nvidia has agreed to buy Aligned Data Centers, one of the world’s largest data center operators, in a $40 billion deal aimed at securing critical infrastructure for artificial intelligence development.

The acquisition from Macquarie Asset Management marks the first major investment by the AI Infrastructure Partnership, a consortium that also includes Abu Dhabi’s MGX fund and Elon Musk’s startup xAI. The group plans to deploy up to $100 billion in capital, combining equity and debt, to expand global AI infrastructure.

“With this investment in Aligned Data Centers, we further our goal of delivering the infrastructure necessary to power the future of AI,” said Larry Fink, CEO of BlackRock and chairman of the partnership.

The move underscores the massive surge in spending by tech giants on computing capacity. Amazon, Alphabet, Meta, Microsoft, and CoreWeave are collectively expected to spend around $400 billion on AI infrastructure this year, according to Morgan Stanley. Meanwhile, OpenAI has inked multibillion-dollar deals with Nvidia, AMD, and Broadcom to secure chip and data capacity worth over $1 trillion.

Founded in 2013, Aligned operates more than 80 data centers across 50 campuses in the U.S. and Latin America, with over 5 gigawatts of operational and planned capacity. The company has been a key beneficiary of the AI infrastructure boom, raising $12 billion in capital earlier this year.

Aligned will remain headquartered in Dallas, Texas, under CEO Andrew Schaap. The deal is expected to close in the first half of 2026.

S&P Global to acquire private markets data firm With Intelligence for $1.8 billion

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S&P Global has agreed to acquire With Intelligence, a London-based provider of private markets data and analytics, in a $1.8 billion deal, the company announced on Wednesday. The acquisition aims to expand S&P Global’s footprint in the rapidly growing private markets sector.

Founded in 1998, With Intelligence serves around 3,000 clients globally, offering analytics and intelligence for alternative investments, including private equity, credit, and infrastructure. The firm is expected to generate $130 million in revenue in 2025, with annual contract value growth projected in the high teens.

The transaction is expected to close in late 2025 or early 2026, and S&P Global said it anticipates the deal will add to adjusted earnings per share by 2027. Citi acted as the financial advisor to S&P Global, while Centerview Partners advised With Intelligence.

The move comes amid growing investor interest in private markets, as rising interest rates and limited exits have put pressure on valuations in public markets. As traditional markets show signs of volatility, investors are increasingly turning toward alternative assets for diversification and yield.

The acquisition aligns S&P Global with a broader industry trend. Major financial institutions such as BlackRock have made significant pushes into private markets, including its $12.5 billion acquisition of Global Infrastructure Partners, its $3.2 billion deal for Preqin, and its $12 billion purchase of HPS Investment Partners earlier this year.

Private markets also received a boost from U.S. President Donald Trump’s executive order in August, which seeks to expand 401(k) access to private equity and private credit investments.