Digital Realty and Goodman buy 9.9% of NEXTDC at an average A$9.22 a share, about A$694 million, and keep a takeover option open

What changed

Digital Realty and Goodman Group said on 9 November that a 50:50 vehicle (Ackland Investments No.1) has acquired a 9.9% interest in Australian operator NEXTDC at an average A$9.22 a share. Their substantial holder notice lists 75,215,528 shares bought from 3 to 6 November, of which 59,951,306 were bought at A$9.50 on 5 November, the price in the term sheet published after the market closed on 4 November; the highest price paid was A$10.40 on 6 November. At the listed prices the stake cost about A$693.7 million (our calculation from the notice). Neither company has a present intention to make a control proposal or takeover offer but both reserve the right to do so. The purchase follows NEXTDC's 21 October cut to its FY27 guidance after power works for its M3 Melbourne site were suspended. Analysis on our Investment page.

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