Sep 22, 2023 | Posted by Abdul-Rahman Oladimeji
DigitalBridge Group recently revealed the completion of DataBank's recapitalization. The Group announced that DigitalBridge received an additional funding of $219 million, bringing the total costs of the recapitalization to $2.2 billion. This completed recapitalization will bring about a separation in the consolidated financial statement of DataBank from DigitalBridge. However, the Group holds a 9.87% stake in DataBank, valued at about $434 million.
Marc Ganzi, CEO of DigitalBridge, said: "The successful recapitalization and deconsolidation of DataBank – one of our key 2023 priorities – will further simplify our business profile and result in administrative savings. We are also pleased that DigitalBridge shareholders, alongside new investors Swiss Life Asset Management, EDF Invest, and IMCO, will maintain significant exposure to the next phase of growth and value creation at DataBank, driven by strong AI-led demand for more data center power and capacity."
Raul K. Martynek, DataBank's CEO, also noted that the company is ahead of plan as it has seen record sales this year. "The investments we have made over the last two years in expanding our geographic footprint into 27+ markets and accelerating data center development are being rewarded. We expect this momentum to continue into Q3 and the rest of the year," he said.
