Israeli real estate group Azrieli is acquiring 100% of Norway's data centre services firm Green Mountain for around $850 million, to expand its data centre activity.
Green Mountain is currently majority-owned by the Smedvig family, which invests in a range of asset classes, particularly the natural resources sector globally.
Israel's largest listed property company announced in a press release that it is acquiring 100 percent of Green Mountain for around NIS 2.8 billion ($849.2m) from Smedvig.
According to the release, Green Mountain is a private company that was incorporated in Norway in 2009, which has been operating in the field of server farms since its incorporation, in three main areas: (a) planning and construction of server farms with high-level information security; (b) provision of advanced service farm services to organizations and wholesale customers; (c) highly-efficient operation of server farms while using 100% renewable energies.
The company holds several real properties which are leased to third parties and are used by the company for its operations in the field of server farms, it said.
Arieli is known in the digital infrastructure sector as one of the investors in Compass Datacenters, a U.S.-based private developer that builds wholesale data centers, and has helped back an international expansion for Compass.
According to reports, Azrieli is in the process of raising a new round of debt, part of which it plans to use to fund the Green Mountain acquisition. Up to half of the financing will come from an additional loan it plans to get.