TECfusions SPAC Merger Signals $4B Data Center Valuation
Florida-based data center operator TECfusions is going public via a merger with SPAC Apex Treasury Corp., valuing the company at $4 billion. The deal includes a $35M PIPE investment at $10 per share from an undisclosed institutional investor, backed by UK-based investors including former Merrill Lynch executive Ajmal Rahman and crypto investor Hugh Cochrane. TECfusions specializes in adaptive reuse of industrial facilities for data centers, with assets in Virginia, Pennsylvania, and Arizona, plus planned expansion into Chile. The transaction is expected to close by year-end. The move reflects a broader trend of digital infrastructure operators returning to public markets to fund AI-driven growth, following similar listings by Blackstone Digital Infrastructure Trust and Switch. The article notes that while some SPAC deals have struggled, TECfusions chose this route for more predictable valuations and execution.
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