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Apollo to Acquire Majority Stake in Stream Data Centers
Apollo said Wednesday it has agreed to acquire a majority interest in Stream Data Centers (SDC) from Stream Realty Partners through Apollo-managed funds. Terms were not disclosed. With Apollo’s backing, SDC is positioned to execute on a multi-gigawatt pipeline while enabling Apollo Funds and affiliates to potentially deploy billions of dollars into next-generation digital infrastructure. SDC’s management team will retain a minority stake and continue leading the business.
Headquartered in Dallas, SDC builds, leases, manages and operates hyperscale data center campuses and has delivered more than 20 such campuses to date. With Apollo Funds’ capital and strategic support, SDC plans to scale platform-wide development to meet accelerating demand from hyperscale cloud and AI providers across key Tier 1 and Tier 2 U.S. markets.
“Stream Data Centers represents a landmark digital infrastructure transaction for Apollo,” Apollo partners Joseph Jackson and Trevor Mills said in a statement. “With deep development expertise and a valuable long-term land fund in key growth markets, we believe SDC is uniquely positioned to serve the infrastructure needs of the world’s most sophisticated technology customers.”
Since 2022, Apollo-managed funds have deployed approximately $38 billion into next-generation infrastructure investments, including renewable energy, digital platforms and compute capacity. The firm plans to significantly scale its investment in these areas in the coming years.
As part of the transaction, Apollo Funds and SRP will commit new capital to Stream’s existing data center land fund to accelerate site development for 650 MW of near-term power capacity across campuses in metro Chicago, Atlanta and Dallas. A newly formed subsidiary of the Apollo Funds will assume the role of investment manager of the land fund.
Goldman Sachs acted as sole financial advisor to Stream Data Centers, while Akin Gump Strauss Hauer & Feld LLP served as legal counsel. Moelis & Company acted as financial advisor to the Apollo Funds on the transaction, while Latham & Watkins LLP provided legal counsel. The transaction is expected to be completed later in 2025.
Pictured: SDC’s Wilmer II Hyperscale Campus. now under development in Wilmer, TX.
- ◦Sale/Acquisition
