Apollo Global to Buy Builder of Large-Scale US Data Centers (1)

Apollo Global Management Inc. agreed to acquire a majority stake in Stream Data Centers, making its first such acquisition as the alternative asset manager capitalizes on booming demand for digital infrastructure.

The deal will allow Apollo-managed funds to potentially invest billions of dollars in digital infrastructure, the asset manager said in a statement Wednesday.

Stream Data Centers’ management team will retain a minority interest as part of the deal, which is expected to be completed this year. Apollo anticipates that the financing of some of the long-term Stream Data Centers projects will be rated investment-grade.

Terms of the transaction ...