Data center company EdgeConneX is working with a banker on selling a minority stake to a potential investor, said sources familiar with the matter.

It was unclear what stage the process is in.

EQT Infrastructure acquired EdgeConneX in 2020 through its Fund IV in deal that was valued at USD 2.6bn. Over time, EQT committed more capital to the company with Fund V making an allocation in August 2021 that would help the company execute on “growth and development opportunities.” Both funds’ ownership stake was divided evenly at 50%.

Then in January, EQT Infrastructure VI committed equity to EdgeConneX that would help it with its global expansion, the company said.

“Since EQT’s acquisition in 2020, EdgeConneX has more than tripled its capacity and expanded into Asia, Latin America and new European markets. Today, the company has a global footprint of 80 data centers in operation or development in more than 50 markets across North America, Europe, APAC and South America,” executives said in the press release announcing the transaction.

And since EQT became the company’s lone shareholder, the data center company has gone on to tap over USD 5bn in financing. In its most recently disclosed financing deal, EdgeConneX executives said they raised USD 403.8m in sustainability-linked senior facilities for its Jakarta, Indonesia data center footprint.

“Private equity has a certain return profile, and infrastructure investors have a different return profile,” co-founder and CEO Randy Brouckman told Infralogic in an interview shortly after the 2020 deal with EQT was announced. “And without that return profile as your backer, you’re not as well-positioned to do land-banking, not as aggressive with M&A and you will struggle with new market entries because you have upfront capital needs there.”

Since its inception in 2009, EdgeConneX has typically entered new markets by first deploying its edge data centers. Only later does the company then deepen its presence by expanding into core facilities.

Aside from edge data centers, EdgeConneX builds and operates hyperscale facilities and build-to-suit projects. The assets range anywhere from 100 kW to 100-plus MW, according to its website.

EQT declined to comment, and EdgeConneX did not respond to requests for comment.