Green Mountain Data Centers to be acquired by Azrieli Group Ltd.
New owners of Green Mountain secures capital for further growth in European market
19 July 2021
Smedvig, the majority owner of Green Mountain, has agreed to sell the company to Azrieli Group Ltd., an Israeli publicly traded real estate investment and development company on the Tel Aviv Stock Exchange. The acquisition secures Green Mountain the necessary capital to fulfill its growth ambitions in the European market.
The Azrieli Group is an entrepreneurial company which has targeted the Data Center industry as one of its main growth engines. The company has a track record of investing for the long term and of building high quality assets with a commitment of integrity to its customers, investors and shareholders. The company sees this investment opportunity of purchasing Green Mountain, with its high quality professional management, as a way to further achieve its goals to be a leading Data Center player in the European market.
The Azrieli Group also has a successful track record in the Data Center sector in the US, through its investment in Compass Datacenters, a leading data center provider to hyper-scalers and international enterprises in North America.
Green Mountain is positioned for growth and will be able to accelerate expansion in the Nordic market and beyond. A recent Altman Solon report estimates the Nordic market may grow from 179MW to 895 MW in 2025.
– With the capital and expertise of Azrieli we are extremely well positioned to take important market shares. It has been a long process and we are very satisified with the final outcome, says CEO of Green Mountain, Tor Kristian Gyland.
The acquisition process has been supported by Goldman Sachs and Torch Partners who experienced a massive interest in this opportunity. Odd Torland, CEO of Smedvig, is pleased with the transaction: – We have built the company gradually since 2011. Now, we felt the time was right for new owners as major investments are needed, says Torland.