Milbank LLP advised AustralianSuper, Australia’s largest superannuation fund, in connection with DataBank’s $2 billion equity raise led by AustralianSuper, which committed $1.5 billion. Upon closing of the transaction, AustralianSuper will become a significant minority owner of DataBank and will join the company’s board of directors. The capital raise was oversubscribed and, in addition to the $1.5 billion from AustralianSuper, included another $483 million in commitments from existing investors.
DataBank is a leading provider of enterprise-class edge colocation, interconnection and managed services. AustralianSuper’s investment will fund the build-out of more than 850MW of data center capacity across DataBank’s portfolio to meet accelerated demand for enterprise, cloud and AI workloads.
The Milbank team was led by Global Corporate/M&A partner and co-head of Milbank’s Global Infrastructure practice John Franchini and Global Corporate/M&A partner Aaron Stine, along with associates Douglas Howell, Bobby Sommers and Katerina Dvalishvili. The team also included Global Project, Energy and Infrastructure Finance partner Jenna McGrath and associates Carlos Clemente and Jake Maguire; Transportation and Space associates Darren Fernandez and Erica Herrera; Tax partner Max Goodman and associate Michael Rivkin; Executive Compensation and Employee Benefits special counsel Kelly Bartley and associate Joo Hyeon Lee; Environmental special counsel Thomas Goslin and associate Allison Sloto; and IP special counsel John Garces.
