DigitalBridge announces recapitalization of portfolio firm DataBank

  • DigitalBridge (NYSE:DBRG) on Thursday announced the recapitalization of portfolio firm DataBank, an edge data center platform.
  • Initial stage of the recapitalization is being structured as a stake sale to affiliates of Swiss Life Asset Management and EDF Invest.
  • Swiss Life and EDF will acquire 27% stake in DataBank for ~$1.2B in cash from existing investors.
  • Once this stage is completed, DBRG's stake in DataBank will be reduced to 15.5% and DBRG will receive cash proceeds of $230M, implying a pre-transaction net value of $906M.
  • Subsequent stages of recapitalization will result in new investors acquiring stakes in DataBank, prior to projected completion of recapitalization in Q4.
  • "This recapitalization allows us to accelerate our expansion efforts and capture substantial secular growth in edge computing," said DataBank CEO Raul Martynek.
  • DBRG stock edged 3% higher in aftermarket trade.

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