Brookfield Infrastructure Partners and Ontario Teachers’ Pension Plan have agreed to buy Addison-based Compass Datacenters from owners RedBird Capital Partners and Azrieli Group in a deal expected to exceed $5 billion, Dallas Morning News Report.

In the Dallas area, Compass Datacenters operates in Allen and Red Oak, where it is currently undergoing a major expansion. The company has data centers in nine U.S. markets, as well as Canada and Europe. The media said the transaction is expected to be completed by the end of this year.

The Ontario Teachers’ Pension Plan is already an investor in the company. Brookfield has been competing with Florida-based DigitalBridge Group to acquire Compass Datacenters for more than $5.5 billion. This includes debt.

Demand for data centers across the country continues to grow. Microsoft plans to build a $176 million, 153,000-square-foot data center in San Antonio’s Texas Research Park. About an hour north of Austin, Facebook parent company Meta is investing $800 million in a 900,000-square-foot data center in Temple.

— Quinn Donoghue

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