Particularly interested in this subsector. Saw some good recent deals from MS/Roth/PWP. But was wondering what are the best places to be at as a junior banker in Europe if you are interested in these assets?
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Not an expert here and would also be glad to hear more from someone who has more insight, but chipping in as I've worked on a few deals in the sector and interacted with professionals specialising in Digital Infrastructure (or what you call data centers).
More globally, the sector falls under the TMT umbrella and more particularly Telecoms (I know, bit different, but since telecom operators are also active in the sector, IB groups that have relationships with them can also advise them on those assets).
A few teams worth mentioning (in no particular order):
- Lazard TMT
- Nomura Greentech on the back of a strong 2023
- HL Digital Infrastructure (fka Oakley and acquired by HL last year)
- Guggenheim UK: former Greenhill team exclusively specialised on Telecom and Digital Infra who spun off earlier this year.
The space is quite active and it's worth getting more insight on teams like Evercore Paris (headed by 3 former CS TMT bankers with a strong track-record), or PWP who made a foray in the sector by hiring Orange's former Chairman & CEO. MS is looking to bulk up in the area as well and has hired a specialised ED (former Greenhill guy as well from the team mentioned above) and a few dedicated juniors from the Media & Comms group.
I also believe that given the strategic/sovereignty-related nature of the assets, I wouldn't be surprised if there is a premium/preference for national advisers depending on geography.
If anyone can add to this or provide additional insight or corrections, please feel welcome
Thank you! Some great color here but not everything is accurate.
HL lost most of their senior deal makers and now have only a junior MD, who focuses more on fiber. They have barely done any DC deals.
Lazard are nowhere in DCs in Europe - have played a secondary role in one transaction (in France of course) but are invisible in this sector.
GS and JPM are focused on larger deals in the space and win through lending, US experience, global relationships and brand name. MS are clearly behind these two. Citi was quite strong but lost their DC sector head recently (NYC based but was doing a fair bit in Europe) - they would need to adjust their approach from here.
Guggenheim and Nomura Greentech are super strong and probably are the two best non-BB firms in this space at the moment.
RBC was early with their global coverage out of the US but 1) lost their global head of digital infrastructure (Madonna Park) and 2) most recently lost their European Digital Infrastructure head (Alex Thomas) who went to Jefferies. Would be hard for them to rebuild from here as only have a fiber-focused MD now.
PWP do marginal deals with French clients (and Orange CEO angle is less relevant in this space). Evercore have done a couple of colo deals and nothing else after a couple of years. Torch Partners is another boutique that has been active here. Some of the real estate boutiques are getting more visible as well.
RBC are the strongest in the space imo - on lots of sell-sides in EMEA the last few years.
Their data center report is basically the sector bible - very strong franchise
PWP did the digital bridge transaction and are generally strong in digital infra
Lots of competition in the sector currently, so other typical big players keep trying to get a slice of the cake
Just had a look at their report on CapIq. Really good and comprehensive, thanks!
for RBC do they run it out of the CME group? or does it fall into PUI (communications infra)?
Why does data centres fall under TMT? shouldn't it fall under Infrastructure, power, utility teams if its such a asset-heavy business model and is literally infrastructure?
Agreed, wouldn’t trust a TMT banker to run a infrastructure DCF if my life depended on it
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