Digital Realty Trust and Goodman Group have bought a 9.9% stake in Australian data-center operator NextDC for about US$476 million, as the company faces construction delays and questions over funding. The investors said they have no current takeover plans, but reserved the right to make an offer later.
A jointly owned special purpose vehicle paid A$9.22 a share, equivalent to US$6.33, for the interest in the ASX-listed company, the partners said Monday. They have no agreement to engage further with NextDC at this stage.
Digital Realty, a U.S. data-center owner, and Goodman, an Australian industrial property owner, said they looked forward to a potential collaboration with NextDC’s board and management to address the company’s challenges. NextDC said separately that its board would consider the merits of any proposal, but that it had not received one.
NextDC shares fell 42% last month to a nearly nine-year low of A$5.35 after delays to construction at a Melbourne facility led the company to cut its earnings guidance. The reduction raised analyst concerns about how it would fund other developments. Last week, NextDC said it knew the two investors had launched a share raid and described the move as opportunistic.
After about two hours of trading Monday, NextDC shares were down 3.0% at A$10.09.
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