Brookfield Infrastructure Partners L.P. and Ontario Teachers' Pension Plan Board entered into an agreement to acquire Compass Datacenters, LLC from RedBird Capital Partners LLC and Azrieli Group Ltd for $1.4 billion on June 20, 2023. Brookfield Infrastructure Partners will acquire a co-controlling stake in Compass Datacenters for $1.35 billion, including Brookfield Infrastructure Partners L.P.?s equity of approximately $375 million. Founder and Chief Executive Officer Chris Crosby and the current Compass management team will continue to lead the company post transaction closing. The transaction is subject to customary regulatory approvals. As of September 22, 2023, the European Commission has approved the transaction. The transaction is expected to close by year end. As of August 11, 2023, The transaction is expected to close in the fourth quarter of 2023.
Goldman Sachs & Co. LLC and Guggenheim Securities, LLC served as joint financial advisors to Compass and RedBird on the transaction. Deutsche Bank Securities Inc. also served as debt financing advisor. Brookfield Infrastructure engaged BMO Capital Markets and Scotiabank as joint financial advisors and Kirkland & Ellis LLP as legal counsel. TD Securities is serving as financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to Ontario Teachers?. Fried, Frank, Harris, Shriver & Jacobson LLP and Wick Phillips, LLP served as legal counsel to Compass. DLA Piper served as legal counsel to Compass Management. Fried Frank served as legal counsel to RedBird. Kim Hicks, P.C, Kate Rainey Willson Roald Nashi, P.C.; Gregory D. Howling; David Wheat, P.C.; Joseph Tootle; Stephen I. Brecher of Kirkland & Ellis LLP acted as legal advisor to Brookfield Infrastructure Partners L.P. (NYSE:BIP).