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Americas Digital Infra Investment Review
Key findings include:
- There were 1,598 deals worth US$273bn in the Americas region in FY 2024, a 57% increase in value and 31% rise in volume YoY.
- Mega deals (≥US$1.5bn) increased from 16% in FY 2023 to 20% in FY 2024,reflecting a shift toward larger transactions.
- As a proportion of all subsectors, Fiber deal value rose from 3% in FY 2023 to 17% in FY 2024, with Datacenters and Satellite also seeing notable increases.
Interview with Rachel Stack, CFO, Lightpath
Rachel Stack, CFO at Lightpath, discusses her move from a datacenter company back into a fibre company and future trends in fibre.
- From datacenter company to fibre company – key synergies - 0.44
- Stack’s vision for Lightpath - 1.30
- The role of strategic M&A vs organic growth - 2.12
- How has M&A changed the fibre landscape and Lightpath’s role in it - 5.54
- Predictions for the US fibre market and emerging trends - 6.59
Interview with Brouk Eshetu, Vice President of General Management, Coresite
Brouk Eshetu, VP of general management at CoreSite discusses emerging trends in the datacenter industry, including AI, power, technology, and financing structures.
- CoreSite's growth and capital deployment strategy - 01:16
- The rationale behind recent DevCo JV and future financing strategies - 02:38
- The impact of AI on datacenters - 03:50
- Prominent new technologies in the datacenter industry - 05:27
- CoreSite's approach to power constraints - 07:16
- Near-term growth plans - 09 :35
Interview with Sharif Metwalli, CFO of Vantage Datacenters
Sharif Metwalli, CFO of Vantage Datacenters, discusses Vantage's huge growth over the past year, including its DigitalBridge and Silver Lake deal, the increasing need for access to capital across a diversified capital stack, and noise around IPOs in the US datacenter space.
- DigitalBridge and Silver Lake deal deep dive - 01:40
- Significance of tech-focused equity partners - 03:30
- Utilising yieldco and devco structures - 04:47
- Greenfield expansion and capital markets - 06:09
- IPOs and their place in the DC market going forward - 08:08
- Anticipated trends for 2025 - 10:45
Interview with Dagan Kasavana, Co-Founder and CEO, Phoenix Tower International
Dagan Kasavana, Co-founder and CEO at Phoenix Tower International (PTI), discusses the role of M&A in PTI’s growth strategy, and the future of wireless infrastructure.
- PTI's long-term vision for growth, geographically and in service offerings - 0.49
- The role of M&A in PTI’s growth strategy - 4.23
- Expanding tower asset footprints and its challenges - 6.28
- What worked well: the acquisition of Cellnex Ireland and the build to suit deal with Iliad in Italy - 10.32
- Expansion and new markets - 12.04
- Future of the wireless infrastructure landscape - 14.46
Interview with Suruchi Ahuja, CEO at Tillman Infrastructure
Suruchi Ahuja, CEO at Tillman Infrastructure, discusses the company's growth story, including its first bank debt deal completed this year, as well as trends in valuation multiples and carrier strategies in the US tower market in 2024 and what can be anticipated from 2025.
- Background story on Tillman Infrastructure and where it is today - 00.17
- Trends around private and public tower valuation multiples - 03:11
- Carrier strategies and expected spending over next 12 months - 04:05
- Tillman Infrastructure's project financing deal - 05:21
- Diversification of investment - 06:36
- Anticipated trends for 2025 - 07:31
Interview with Brian Stading, CEO at Lumos
Key highlights include:
- Current state of the US fibre market - 0.28
- The road to Lumos and T-Mobile’s partnership - 1.00
- Growth opportunities in the US - 1.41
- How large cap M&A is shaping the industry - 3.25
- Lumos’ key strategic priorities - 4.03
- Key US fibre trends - 7.36
Interview with Taylor Dixon, Senior Vice President at Datasite
Key highlights include:
- Deal activity in the TMT sector and investment opportunities, including AI – 01:02
- How much of a rebound in M&A activity are we seeing in the US? – 02:20
- Impact of shift in interest rates on deal activity – 04:23
- How AI will impact due diligence and M&A more broadly – 06:18
- Anticipations for the next wave of deals – 12:09
- Availability and impact of private credit – 15:15
