On September 4, 2024, Canada Pension Plan Investment Board (CPP Investments) and Blackstone entered a definitive agreement to acquire AirTrunk, a leading Asia-Pacific data center operator, from Macquarie Asset Management and other investors, including PSP Investments. CPP Investments committed to acquiring a 12% stake in the company as part of a deal that valued AirTrunk at over A$24 billion (C$21 billion).

Founded in 2015 and headquartered in Australia, AirTrunk operates data centers across the Asia-Pacific region, including Australia, Hong Kong, Japan, Malaysia, and Singapore. While AirTrunk primarily focuses on the Asia-Pacific market, CPP Investments, headquartered in Toronto, continues to invest in data center infrastructure across the region and globally, with joint ventures and investments in key data hubs in Asia Pacific, including Australia, Hong Kong, Japan, Korea, and Singapore.

Max Biagosch, Senior Managing Director at CPP Investments, emphasized the firm’s long-standing engagement in the Asia-Pacific data center sector, with Canada remaining a key player in expanding global digital infrastructure. The transaction aligns with CPP Investments' strategy of enhancing its presence in this fast-growing sector.

Legal advisors included Simpson Thatcher & Bartlett and KWM for Blackstone, Allens for CPP Investments, and Baker McKenzie for AirTrunk. The deal is subject to approval from the Australian Foreign Investment Review Board.