Global law firm Norton Rose Fulbright has acted for data centre developer and operator AirTrunk on its $400 million capital raising. The deal has been referred to by financial adviser to the transaction JP Morgan “as the single largest pre-revenue capital raising by a start-up in the Asia-Pacific”.
The capital raising will finance large scale data centres in both Melbourne and Sydney ahead of potential further expansion in the Asia-Pacific region. The two Australian data centres are planned to open in the third quarter of this calendar year, initially offering 20MW of load but with the ability to increase to 70MW in Sydney and 50MW in Melbourne. Once fully completed, the data centres will be amongst the largest data centres in the Asia Pacific region.
Two of the world’s leading special situation funds are investing alongside AirTrunk major shareholder and chief executive, Robin Khuda. A senior debt facility has also been committed by ING Bank and Natixis.
Melbourne corporate partner Shane Bilardi commented:
“We are delighted to have advised AirTrunk on this crucial transaction. While AirTrunk is a start-up today, it won’t be for long and it has a phenomenal future ahead of it. It is exciting to see entrepreneurs like Robin and a talented management team develop a business like AirTrunk and we are proud to have worked with them from the very beginning and look forward to working with them now to grow their business across the Asia Pacific region.”
Shane Bilardi was assisted by partners Jyoti Singh and Jeremy Wickens (corporate), Jo Crew and Scott Millar (debt), special counsel, Adele Gray, Sefton Warner, Guy Albeck, Deanne Ogilvie, senior associates, Jamie Griffin and Simon Meagher and associates, Sarah Wilson, Adele Gray, Sefton Warner, Eleanor Taylor, Sarah Mulcahy.
This announcement comes in the same month that Norton Rose Fulbright announced its pivotal role in acting for Qube Holdings and its related entities on the development and operation of one of the most important freight infrastructure projects being developed in Australia: the Moorebank intermodal facility in NSW involving the Sydney Intermodal Terminal Alliance (SIMTA).
