Digital Infrastructure M&A Deal of the Year

AirTrunk (Australia)
The acquisition of AirTrunk by a consortium led by Blackstone alongside Canada Pension Plan Investment Board for AUD 24bn. 
Financial Advisers: Macquarie Capital and Goldman Sachs, Grant Samuel (Sell Side); Morgan Stanley, Deutsche Bank, Citi, RBC Capital Markets (Buy Side) 
Legal Advisers: DLA Piper, Baker McKenzie (Sell Side); Simpson Thacher & Bartlett, King & Wood Mallesons, Tilegal, Allens, Linklaters (Buy Side)

American Tower (India)
The acquisition of American Tower Corporation’s operations in India by Data Infrastructure Trust (DIT), an infrastructure investment trust sponsored by an affiliate of Brookfield Asset Management for INR 210bn (c. US$2.5bn). 
Financial Advisers: Citi, CDX (Sell Side)
Legal Advisers: TT&A, S&R Associates

Global Switch (Australia)
The sale of Global Switch Australia Holdings for AUD 2.12bn (US$1.33bn) to HMC Capital. 
Financial Advisers: UBS (Sell Side); Macquarie Capital, Goldman Sachs (Buy Side) 
Legal Advisers: Clifford Chance, Allens (Sell Side) Baker McKenzie (Buy Side) 

JTOWER (Japan)
The acquisition and take-private of JTOWER by DigitalBridge for JPY 70.1bn (c. US$464.62m). 
Financial Advisers: Nomura (Sell Side), Mizuho, Sangyo Sosei Advisory
Legal Advisers: A&O Shearman, Mori Hamada & Matsumoto

PCCW fibre assets (Hong Kong)
The sale of a 40% stake in PCCW’s passive fibre and copper access network held under HKT to China Merchants Capital for US$870m. 
Financial Advisers: Deutsche Bank (Sell Side); HSBC (Buy Side) 
Legal Advisers: Slaughter and May (Sell Side); Clifford Chance (Buy Side)

PhilTower/MIDC (Philippines)
The merger between Macquarie Capital-backed Phil-Tower Consortium (PhilTower) and Stonepeak-backed MIESCOR Infrastructure Development Corporation (MIDC) reportedly for a valuation of between US$1.1bn to US$1.2bn.
Legal Advisers: Linklaters, Romulo, Latham & Watkins, Gibson Dunn & Crutcher

Digital Infrastructure Equity Deal of the Year

DayOne Series A + B (Singapore)
DayOne’s (formerly GDS International) Series A fundraise for US$672m to investors including, Hillhouse, Rava Partners, Boyu, Princeville Capital, Tekne Capital, and DayOne’s upsized Series B equity raise for US$1.2bn to investors including Coatue Management, The Baupost Group, SoftBank Vision Fund, and Citadel CEO Kenneth Griffin.
Financial Advisers: Morgan Stanley (Sell Side)
Legal Advisers: White & Case, Wilson Sonsini, Latham & Watkins, Baker McKenzie 
 

Digital Edge (Singapore)
Digital Edge’s US$640m equity investment from new and existing investors, to accelerate the expansion of campuses in Seoul, Jakarta and Navi Mumbai and expand into new markets. GIC was reportedly one of the new investors.  
Financial Advisers: self-advised
Legal Advisers: Simpson Thatcher & Bartlett

NEXTDC (Australia)
NEXTDC’s AUD 678m (c. US$428m) capital raise, consisting of a AUD 550m institutional placement and a AUD 128m share purchase plan.  
Financial Advisers: Cadence Advisory  
Legal Advisers: Herbert Smith Freehills

STT GDC (Singapore)
The investment of SGD 1.75bn (c. US$1.3bn) in ST Telemedia Global Data Centres (STT GDC) by a KKR-led consortium which includes Singtel.
Financial Advisers: JPMorgan, Bank of America (Sell Side); Citi (Buy Side) – report  
Legal Advisers: Latham & Watkins (Sell Side); Simpson Thacher & Bartlett, Freshfields Bruckhaus Deringer, Wong Partnership (Buy Side)

Digital Infrastructure Debt Financing Deal of the Year

AdaniConneX project financing (India)
The US$1.4bn sustainability-linked financing for AdaniConneX’ datacentres in India, comprising of an initial commitment of US$875m, with an accordion feature to extend to US$1.44bn. 
Banks: ING, Intesa Sanpaolo, KfW IPEX, MUFG, Natixis, Standard Chartered, Société Générale and SMBC.
Legal Advisers: Allen & Overy, Saraf & Partners, Milbank, Cyril Amarchand Mangaldas

AirTrunk acquisition financing (Australia)
The AUD 5.5bn acquisition financing for Blackstone’s acquisition of AirTrunk. 
Banks: including SMBC (debt financial adviser), ING, Morgan Stanley, Deutsche Bank and Citi
Legal Advisers: Linklaters, Simpson Thacher & Bartlett, Gilbert + Tobin

American Tower Corporation acquisition financing (India)
Altius’ (an infrastructure investment trust sponsored by Brookfield Asset Management) US$1.5bn financing package, including US$940m for the acquisition of American Tower Corporation's portfolio in India, alongside US$582m for the refinancing of existing debt. The domestic lending was raised as a combination of bonds and bank loans.
Bond Adviser: Morgan Stanley
Lending banks include: SMBC, MUFG, Deutsche Bank, JPMorgan, DBS, BNP Paribas
Legal Advisers: Talwar Thakore & Associates, S&R Associates

HKBN refinancing (Hong Kong)
The HKD 5.25bn syndicated sustainability-linked loan, with the purpose of refinancing HKBN’s existing loans. 
Financial adviser: Rothschild & Co
Mandated Lead Arrangers: Bank of China, BNP Paribas, Cathay United Bank, Crédit Agricole, DBS Bank, ING Bank, Bank of East Asia 
Bookrunners and Underwriters: Fubon Bank, Natixis, Shanghai Pudong Development Bank, Taipei Fubon Commercial Bank

Yondr project financing (Malaysia)
The project financing of US$900m for the construction of a new datacentre in Johor, Malaysia, for Yondr. 
Lenders: DBS Bank, Deutsche Bank, Global Infrastructure Partners (a part of BlackRock), HSBC, International Finance Corporation (IFC), ING, and Natixis CIB.
Legal advisers: Clifford Chance, Rahmat Lim & Partners, Milbank, Zul Rafique & Partners