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TECfusions to merge with Apex Treasury in SPAC deal valued at $4B
The data center operator converting industrial sites will close the merger by year end and holds facilities in Virginia, Pennsylvania, and Arizona.
TECfusions Inc., a Florida-based company that converts existing industrial facilities into data centers, has agreed to merge with Apex Treasury Corp., a Cayman Islands-registered SPAC, according to a regulatory filing cited by Bisnow. The deal values TECfusions at $4B, including planned and advanced projects, and it is expected to close by the end of this year.
The transaction also contemplates expansion into Chile and long-term customer agreements, Bisnow reports. TECfusions currently owns data centers in Virginia, Pennsylvania, and Arizona.
Bisnow says the valuation is backed by an unidentified institutional investor that plans to provide $35M in private investment in public equity funds at $10 per share. TECfusions founder Simon Tusha said access to public capital markets would help the company accelerate development, expand into additional strategic markets, and build an infrastructure platform for the global AI economy in partnership with local communities.
Apex Treasury’s stock rose moderately, nearly a dollar, on the Nasdaq after the news late Wednesday morning, Bisnow reports. Bisnow also notes that data center companies have been returning to public markets, including recent moves by other developers and operators following an industry exit in 2021 and 2022.
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