Buyers are still circling to acquire a minority stake in Indian data center firm Nxtra.
ET Telecom reports investment firm Alpha Wave Global is looking to acquire a 24.04 percent stake in Nxtra Data currently owned by Carlyle. Indian telco giant Bharti Airtel owns a majority stake in Nxtra.
The stake is reportedly valued at around ₹5,125 crore ($600 million), valuing the whole company at ₹20,500 crore ($2.4 billion).
Though ET Telecom reports DigitalBridge may also be interested in acquiring the stake, DCD understands the company is not involved in the process at all.
Airtel reportedly has first refusal rights on Carlyle’s stake but is said to have passed on the opportunity.
Alpha Wave, formerly Falcon Edge Capital, was founded in 2012. The New York-based firm’s investments include SpaceX, Alibaba, Cerebras, and others. It has some $20 billion in assets under management.
Nxtra currently operates 12 data centers in India, as well as 120 Edge facilities or Points-of-Presence.
After buying a stake in Nxtra in 2022 for around $235m, reports that investment firm Carlyle is purportedly looking to sell its holdings in Nxtra surfaced early last year.
By February 2024, more than half a dozen investment firms, including KKR, DigitalBridge, GIC, the Abu Dhabi Investment Authority, Stonepeak, Permira, and Blackstone, had been linked to buying the stake.
Airtel has also launched an African Nxtra unit, with plans to develop a 34MW data center in Lagos, Nigeria, as well as a facility in Kenya. The company has said it currently operates more than 40 Edge locations across the African continent.
