Azrieli Group announced the expansion of its operations in the data centres sector to Europe with the signing of a significant agreement for the acquisition of Green Mountain, which operates in Scandinavia. In the transaction, the Group is acquiring 100 per cent of the share capital of Green Mountain for around $850 million.
Inquiries made by the company indicate that the Scandinavian market, and particularly the Norwegian market, is experiencing significant growth in the Data Centers market, and benefits from exceptional availability of power, alongside power costs among the lowest in Europe. In addition, power in Norway is produced (100 per cent) by means of environmentally-friendly sources.
The acquisition of the company is being made as part of the Group’s growth strategy, in the context of which the company has entered the server farm sector and expansion of its operations in this sector.
The company intends to use Green Mountain’s presence in the European data centres market, its experienced management, professional knowledge and its business ties, in order to gain a foothold and grow in this market, which is characterized by high growth rates and high yields. The company also intends to act in the future for expansion of their current operations in the European market.
“Acquiring Green Mountain is a key milestone in realizing Azrieli Group’s strategy for building international operations in the Data Centers sector,” Danna Azrieli, chairman of Azrieli Group, said. “The combination of the operations in North America through Compass with the acquisition of Green Mountain in Europe will allow Azrieli Group to become a significant global player in this growing and developing arena.”