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Green Mountain data centre owners consider £2.5bn London IPO

Written by Mon 22 Jan 2024

Israeli real estate firm, Azrieli Group, is considering a potential London initial public offering (IPO) for its data centre arm, Green Mountain.

First reported by Bloomberg, the IPO would value the business up to £2.5 billion ($3.2 billion). Azrieli Group said it could also seek to raise a private round of funding for Green Mountain. 

The potential London listing could take place later this year or early 2025. This exploration has driven a 5% surge in Azrieli’s stock price on the Tel Aviv Stock Exchange, following reports of the IPO.

A survey by accounting company, RSM UK, found that London remains the most popular place to list an IPO globally among UK media and tech businesses. 

In the ‘Media and Technology Survey’, RSM found 64% of UK tech and media businesses selected the UK as a place they are considering an IPO. More than a third chose Europe (38%) and over a quarter favoured the US (26%).

The History of Green Mountain Data Centres

In December, Green Mountain announced the construction of a new data centre expansion at its LON1-East campus in Romford. 

The expansion will be conducted in two phases with each phase providing a capacity of 7MW, making a total of 14MW. The three new data halls will be housed inside an existing building and offer over 5,500sqm of white space.

The campus has the potential to be expanded with an additional 16MW. The first phase is set to be completed by Q1 2025.

In the same month, TikTok, a prominent social media company owned by China’s Bytedance, acquired a new data centre in Norway. 

The facility, constructed by Green Mountain AS, is set to become TikTok’s largest data centre in Europe.

Green Mountain currently operates four data centre sites in Norway and the UK. Each Norway site has a capacity ranging between 25MW to 75MW.

In 2021, the majority owner of Green Mountain, Smedvig, agreed to sell the company to Azrieli Group. Green Mountain said the £668 million ($850 million) acquisition provided essential capital to support its growth aspirations in the European market.

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Written by Mon 22 Jan 2024

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