IMCO Pumps $450 million in DataBank

The Investment Management Corporation of Ontario (IMCO) will invest around US$450m in DataBank. The Canadian firm signed an agreement to invest the funds as part of DataBank’s recapitalization process. DataBank is expected to close the deal in Q4 2022. 

The Chief Investment Officer of IMCO, Rossitsa Stoyanova, said: “Investing in high-quality companies and markets with secular growth is key to delivering attractive risk-adjusted returns for our clients. DataBank’s leadership position in digital infrastructure and experienced management team makes it an ideal investment for our infrastructure portfolio. We look forward to partnering with DataBank’s management and our co-shareholders to execute the company’s business plan.”

Earlier in June, DigitalBridge announced that EDF Invest and Swiss Life Management AG affiliates would acquire 27% of DataBank for $1.2 billion cash from existing investors. Other investors later joined the round to take the acquisition value to $1.5b.