A consortium involving BlackRock and IFM Investors has entered exclusive negotiations to acquire Asia Pacific data centre portfolio from Stack Infrastructure in a deal that could be worth up to $25bn, according to people with knowledge of the matter, reported Bloomberg.
The investor group includes the Artificial Intelligence Infrastructure Partnership (AIP), which is backed by BlackRock, alongside IFM.
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It is preparing to carry out due diligence on the data centre assets, the people said. They asked not to be identified because the information is private.
The potential buyers are seeking to finalise an agreement with Blue Owl Capital, Stack’s owner, in the near term.
Blue Owl had initially targeted a valuation of more than $30bn for the data centre assets.
Talks remain ongoing and could still stall or collapse, the people cautioned. Other bidders may also retain an interest in the portfolio.
AIP was established to deploy capital into AI infrastructure, with backing from BlackRock’s Global Infrastructure Partners, Microsoft and MGX, an Abu Dhabi-based AI investor whose founding partners include Mubadala Investment and G42.
Nvidia, the Kuwait Investment Authority and Temasek Holdings are also AIP investors. The partnership’s first announced transaction was the $40bn acquisition of Aligned Data Centers, which was agreed in October.
Stack’s Asia Pacific data centres are located in Osaka, Tokyo, Sydney, Melbourne and Johor Bahru in Malaysia, according to the company’s website.
Data centres and related infrastructure have become a focal point for dealmaking across Asia, as global investors look to gain exposure to a sector buoyed by the rapid expansion of AI.
Bloomberg News had previously reported that Stack was exploring a sale of the data centres and that AIP and IFM were among the potential bidders.
Representatives for BlackRock, Global Infrastructure Partners, IFM, MGX, Blue Owl and Stack did not immediately respond to requests for comment.
In July 2026, Meta and BlackRock signed an agreement to develop and own a data centre campus in El Paso, Texas, with total project costs estimated at around $14bn.
