Fiber Deal of the Year
Consolidated Communications
The acquisition by Searchlight and BCI of Consolidated Communications for US$3.1bn.
Financial Advisors: Morgan Stanley, Goldman Sachs, JPMorgan, Wells Fargo, Mizuho, RBC, TD Securities (Buy Side); Rothschild and Co (Sell Side)
Legal Advisors: Cravath, Swaine & Moore (Special Committee); Latham & Watkins (Sell Side); Wachtell, Lipton, Rosen & Katz (Buy Side) Weil, Gotshal & Manges (Buy Side)
IdeaTek
The acquisition of Peppertree’s stake and further investment in IdeaTek by Oak Hill and Pamlico.
Financial Advisors: Bank Street (Sell Side); Houlihan Lokey (Buy Side)
Legal Advisors: Stinson (Sell Side); Paul, Weiss, Rifkind, Wharton & Garrison, Alston & Bird (Buy Side)
Lumos
The acquisition by T-Mobile and EQT’s joint venture of Lumos, named Project Trailblazer.
Financial Advisors: Bank Street Group (EQT and Lumos), Goldman Sachs, JPMorgan (EQT); CitiGroup Global Markets (T-Mobile)
Legal Advisors: Kirkland & Ellis, Simpson Thacher & Bartlett (EQT and Lumos); Wachtell, Lipton, Rosen & Katz (T-Mobile)
Socket
The acquisition of a majority stake in Socket Telecom by Oak Hill and Pamlico, and subsequent rebrand to Socket Fiber.
Financial Advisors: Houlihan Lokey (Sell Side)
Legal Advisors: Brown Law (Sell Side); Paul, Weiss, Rifkind, Wharton & Garrison, Alston & Bird (Buy Side)
Datacenter Deal of the Year
EdgeConneX
The acquisition of a minority equity stake in EdgeConneX by Sixth Street from EQT Infrastructure.
Financial Advisors: Centerview Partners (Buy Side); Goldman Sachs, Morgan Stanley (Sell Side)
Legal Advisors: Debevoise & Plimpton (Buy Side); Simpson Thacher & Bartlett (Sell Side)
Equinix – xScale US JV
The creation of a US$15bn+ hyperscale data center joint venture between Equinix, GIC and CPP Investments, with Equinix holding a 25% stake and GIC and CPP Investments holding 37.5% each.
Financial Advisors: Morgan Stanley (Sell Side)
Legal Advisors: Latham & Watkins (CPP Investments); Kirkland & Ellis (GIC)
eStruxture Data Centers (Canada)
The C$1.8bn (~US$1.3bn) continuation vehicle and growth equity transaction in eStruxture led by Fengate, with new secondary capital from Partners Group and Pantheon.
Financial Advisors: Campbell Lutyens (Buy Side); Citizens (DH Capital), Scotiabank (Sell Side)
Legal Advisors: Davies Ward Phillips & Vineberg (Sell Side); Kirkland & Ellis, Stikeman Elliott (Buy Side)
Flexential (USA)
The equity investment in Flexential by Morgan Stanley Infrastructure Partners, alongside continuing investor GI Partners.
Financial Advisors: Citi, Evercore (Buy Side); Goldman Sachs (Sell Side)
Legal Advisors: Kirkland & Ellis (Buy Side); Ropes & Gray (Sell Side)
QTS Realty Trust / Wren House (USA)
The equity joint venture between QTS Realty Trust and Wren House Infrastructure, with Wren House and another institutional investor acquiring a majority stake in QTS’ stabilized Northern Virginia data centers. Value not disclosed.
Financial Advisors: Citi, RBC (Sell Side)
Legal Advisors: Sullivan & Cromwell LLP (Sell Side)
Vantage Data Centers (USA & EMEA)
The US$9.2bn equity investment in Vantage Data Centers by DigitalBridge and Silver Lake.
Financial Advisors: JPMorgan, UBS (Sell Side)
Legal Advisors: Linklaters (DigitalBridge & Vantage); Latham & Watkins (Silver Lake); Proskauer (DigitalBridge); Simpson Thacher & Bartlett (DigitalBridge)
Financing Deal of the Year
Consolidated Communications
Searchlight Capital and BCIMC-backed company’s US$3.3bn financing package comprising US$1.34bn in ABS notes, US$500m variable funding note and US$1.5bn secured revolving warehouse, raised to repay existing debt and fund continued expansion of Consolidated’s fibre network.
Banks and Lenders: Morgan Stanley (Sole Structuring Agent, Left Lead Bookrunner). Goldman Sachs, Guggenheim, Jefferies, JPMorgan, RBC Capital Markets, Santander, UBS, Wells Fargo (Active Bookrunners)
Legal Advisors: Paul, Weiss (Consolidated & Searchlight), King & Spalding (Buyers)
CyrusOne – Warehouse
The US$9.7bn total financing, comprising a US$7.9bn warehouse facility, incremental to US$1.8bn RCF to primarily fund existing and future development projects in the US for KKR-backed data center developer CyrusOne.
Banks and Lenders: KKR Capital Markets, Morgan Stanley, TD Securities (Warehouse Lead Arrangers), Wells Fargo (RCF Lead Arranger)
Legal Advisors: Kirkland & Ellis (CyrusOne), Milbank (Lenders)
Lancium Clean Campus
The US$7.1bn construction financing for an over 1.2GW data center campus and gas plant in Abilene, Texas for Blue Owl Capital, Crusoe Energy Systems and Primary Digital’s joint venture.
Banks and Lenders: JPMorgan
Legal Advisors: Kirkland & Ellis (Blue Owl)
Financial Advisors: Newmark
STACK Infrastructure – Project Sonata
IPI Partners-backed data center operator STACK Infrastructure’s US$3.72bn concurrent financing for Sonata South and Sonata West, a combined 1.24GW campus with 19 data center assets on Stafford Technology Campus in northern Virginia.
Banks and Lenders: SMBC, MUFG - report
Legal Advisers: Paul Hastings, Skadden, Arps, Slate, Meagher & Flom
Switch – CMBS
The US$2.4bn commercial-mortgage-backed securitisation transaction for DigitalBridge and IFM Investors-owned data center company Switch, which was the largest CMBS in data center history.
Banks and Lenders: Barclays, Citi, Goldman, RBC Capital Markets, Wells Fargo (Co-Lead Managers and Joint Bookrunners)
Legal Advisors: Simpson Thacher & Bartlett
Switch – Project Bighorn
The US$3.4bn turnkey facility plus US$1.29bn powered shell financing to fund a 300MW data center development in Reno, Nevada for DigitalBridge and IFM Investors-owned data center company, Switch.
Banks and Lenders: MUFG (Left Lead), ACB Bank, BBVA, Banco Bilbao, CIBC, CoBank, DBS Bank, Huntington, ING, Intesa Sanpaolo, JPMorgan, LBBW, Mizuho, NAB, Natixis, NordLB, OCB, RBC Capital Markets, SMBC, Societe Generale, Standard Chartered
Legal Advisors: Davis Polk (Lenders), Milbank (Switch)
Towers Deal of the Year
5G LLC (USA)
The acquisition by Diamond Communications of substantially all of the assets of 5G LLC, a communications infrastructure company with a portfolio of rooftop cell site deployments and approximately 50,000 properties under management.
Financial Advisors: Bank Street (Sell Side)
Millicom International Cellular – 7,000 Towers (Central America)
The partial closing by Millicom International Cellular of its sale of mobile passive infrastructure assets in Central America to SBA Communications, generating approximately US$600m in proceeds. The transaction is part of a previously announced US$975m agreement.
Financial Advisors: JPMorgan, Lazard (Sell Side); Goldman Sachs (Buy Side)
Legal Advisors: Winston & Strawn (Sell Side); A&O Shearman, Paul, Weiss, Rifkind, Wharton & Garrison (Buy Side)
Shared Tower (Canada)
The investment by Northleaf Capital Partners of C$100m into Shared Tower Inc., acquiring the minority stake previously held by 3i Group plc.
Financial Advisors: CIBC Capital (Sell Side)
Legal Advisors: Davies Ward Phillips & Vineberg (Sell Side)
Strategic Venue Partners (USA)
The acquisition by Brookfield Asset Management and its institutional partners of a minority equity stake in Strategic Venue Partners, which is backed by Tiger Infrastructure Partners.
Financial Advisors: TD Securities
TowerPoint Infrastructure Partners (USA)
The acquisition by Ullico Infrastructure Fund of a minority stake in TowerPoint Infrastructure Partners from Meritage Group and its affiliated funds.
Financial Advisors: TD Securities (Sell Side)
Legal Advisors: Akin Gump Strauss Hauer & Feld, Davis Polk & Wardwell, Weil, Gotshal & Manges (Sell Side); Milbank LLP (Buy Side)
Verizon Communications (USA)
The sale by Verizon Communications of a portfolio of 6,339 telecom towers in the United States to Vertical Bridge for US$3.3bn.
Financial Advisors: JPMorgan (Sell Side); Centerview Partners (Buy Side)
Legal Advisors: Greenberg Traurig, Jones Day (Sell Side); Mayer Brown, Morgan Lewis & Bockius, Simpson Thacher & Bartlett (Buy Side)
Mid-Market Deal of the Year
123NET (USA)
The acquisition of 123NET by Grain Management for c.US$300m.
Financial Advisors: Bank Street (Sell Side)
Legal Advisors: Greenberg Traurig (Sell Side); Baker Botts (Buy Side)
CleanArc Data Centers (USA)
The securing of c.US$300m in anchor equity commitments by CleanArc Data Centers from Snowhawk.
Financial Advisors: CBRE, TD Securities (Sell Side); PJT Partners (Buy Side)
Legal Advisors: BakerHostetler (Sell Side); Kirkland & Ellis (Buy Side)
DartPoints (USA)
The acquisition of DartPoints by NOVA Infrastructure and Orion Infrastructure Capital in a deal worth US$250m. Existing sponsor Astra Capital also retained a meaningful minority stake.
Financial Advisors: Bank Street (Sell Side); Houlihan Lokey (Exclusive Placement Agent)
Legal Advisors: Debevoise & Plimpton, Sheppard Mullin Richter & Hampton (Sell Side); Vinson & Elkins, Winston & Strawn (Buy Side)
DR Fortress (USA)
The acquisition of DR Fortress by The 1547 Realty and Harrison Street from GI Partners.
Financial Advisors: Bank Street (Sell Side)
Legal Advisors: Paul, Weiss, Rifkind, Wharton & Garrison (Sell Side); DLA Piper (Buy Side)
H5 Data Centers / Novacap Joint Venture (USA)
The formation of a joint venture between H5 Data Centers and Novacap to deliver data center solutions, and subsequent acquisition of Yahoo! Data Centers.
Financia Advisors: Houlihan Lokey (H5 and Novacap)
Legal Advisors: Choate, Hall & Stewart (Novacap); Hogan Lovells (H5 Data Centers)
Surf Internet (USA)
The securing of US$175m in new equity funding by Surf Internet from investors led by Macquarie Group, with participation from existing investors Bain Capital and Post Road Group.
Financial Advisors: Houlihan Lokey (Sell Side)
Legal Advisors: Kirkland & Ellis (Sell Side); Goodwin Procter (Buy Side)
Investment Firm of the Year
Blackstone
Blue Owl Capital
DigitalBridge
EQT
Novacap
Oak Hill Capital
Due Diligence Advisor of the Year
Altman Solon
Arthur D. Little
BSP
EY-Parthenon
FTI Consulting
PMP Strategy
Growth Story of the Year
Cologix
Rowan Digital Infrastructure
STACK Infrastructure
Switch
Vantage Data Centers
Ziply Fiber
Legal Advisory Trailblazer of the Year
Davis Polk
For advising EdgeCore Digital Infrastructure on a series of financings for MECP1 Mesa 1, bringing the aggregate financing amount in respect of the campus to US$1.8bn.
Kirkland & Ellis
For advising Blue Owl Capital on the closing of the second phase of a US$15bn joint venture with Crusoe Energy Systems to fund the development of a 1.2GW AI data center campus in Texas.
Morgan Lewis
For advising on the sale of FTTH provider Lumos to a joint venture formed by T-Mobile and EQT.
Paul, Weiss, Rifkind, Wharton & Garrison
For advising ZT Systems in its US$4.9bn sale to Advanced Micro Devices (AMD).
Simpson Thacher & Bartlett
For advising DigitalBridge in connection with a US$9.2bn equity investment round in Vantage Data Centers from investors including Silver Lake.
Skadden, Arps, Slate, Meagher & Flom
For advising Blue Owl Capital and its portfolio company STACK Infrastructure on several financings including a US$4bn green financing for the 1GW campus in Stafford, Virginia, as well as two campuses in Oregon and Toronto.
CEO of the Year
Brian Cox, CEO, STACK Infrastructure
Brian Stading, CEO, Lumos Fiber
Harold Zeitz, CEO, Ziply
James Trout, CEO, CleanArc Data Centers
Kristin Johnson, CEO, Hotwire Communications
Mike Sievert, President and CEO, T-Mobile US
Investment Leader of the Year
Jon Mauck, Senior Managing Director, DigitalBridge
Matt A'Hearn, Senior Managing Director & Head of Digital Infrastructure, Blue Owl
Nirav Shah, Partner, EQT Partners
Scott Baker, Managing Partner, Oak Hill Capital
Tim Austin, Partner, Searchlight Capital
Waldemar Szlezak, Partner & Global Head of Digital Infrastructure, KKR
M&A Banker of the Year
Calvin Lam, Head of North American Communications, Managing Director, Morgan Stanley
Eric Federman, Managing Director, Head of Communications and Media Group, Barclays
Gordon Kroft, Partner, Centerview Partners
Jason Tofsky, Partner, Managing Director, Goldman Sachs
Richard Lukaj, Senior Managing Director, Bank Street
Scott Wilcoxen, Managing Director, Head of Digital Infrastructure Investment Banking, J.P. Morgan
Financing Banker of the Year
Cecile Baker, Managing Director, TD Securities
Jon Edwards, Managing Director, Infrastructure Finance & Advisory, Head of North America, J.P. Morgan
Pim Rothweiler, Head of Telecoms & Technology, Americas, Natixis
Quynh Tran, Deputy Head, Global Structured Finance, Americas & Head, Infrastructure Finance, North America, SMBC
Santhosh Rao, Managing Director & Head of Digital Infrastructure, MUFG
Valtin Gallani, Group Head, Digital Infrastructure, TMT Finance & Advisory, Americas, Société Générale
Lawyer of the Year
Andrew Lipman, Partner, Morgan Lewis
Ann Buckingham, Partner, Latham & Watkins
David Penna, Co-Head of Infrastructure Finance, Davis Polk
Gabriel Silva, Partner, Simpson Thacher & Bartlett
Kemal Hawa, Partner, Kirkland & Ellis
Ravi Purohit, Partner, Co-Chair, Infrastructure Practice, Paul, Weiss, Rifkind, Wharton & Garrison
Rising Star
Alexander Tingle, Managing Director, Goldman Sachs
Brian O'Connell, Executive Director, Morgan Stanley
Denis Lafarge, US Managing Partner, PMP Strategy
Joseph Malca, Principal, Centerview Partners
Patsy Sandys, Managing Director, Global Head of Co-invest, DigitalBridge
Sean Yajnik, Head of Digital Infrastructure - Americas (Advisory), Macquarie Capital
