09:18 AM EDT, 10/01/2024 (MT Newswires) -- Equinix ( EQIX ) said Tuesday it has agreed to form a joint venture with GIC and Canada Pension Plan Investment Board with the aim of raising more than $15 billion in capital.

The joint venture is intended to boost Equinix's ( EQIX ) data center portfolio to accommodate growing cloud computing and AI demand with multiple US facilities capable of more than 100 megawatts, adding more than 1.5 gigawatts of capacity.

Under the terms of the agreement, Canada Pension and GIC will each control 37.5% of the joint venture, and Equinix ( EQIX ) will own 25%, with each firm contributing equity. The joint venture expects to take on debt to eventually raise over $15 billion.

The launch of the joint venture is subject to regulatory approvals which are expected in Q4.

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