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Investing.com -- Apollo Global Management (NYSE:APO) Inc. has agreed to acquire a majority stake in Stream Data Centers, marking its first acquisition in the digital infrastructure sector amid growing demand driven by artificial intelligence.
The deal will enable Apollo-managed funds to potentially invest billions of dollars in digital infrastructure, according to Bloomberg, citing a statement released by the asset manager on Wednesday.
Stream Data Centers’ management team will maintain a minority interest in the company. The transaction is expected to be completed this year, though financial terms were not disclosed.
Alternative asset managers have been increasing investments in data centers as AI development creates greater demand for power. Blackstone (NYSE:BX) Inc., the world’s largest alternative asset manager, established itself as a leader in this space by acquiring data center operator QTS for $10 billion in 2021.
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