I Squared Capital just wrote a $225 million check for 10 data center facilities from Cogent Fiber, LLC. The acquisition gives the Miami-based infrastructure investment firm roughly 53 megawatts of installed power capacity and 259,000 square feet of colocation space spread across nine major US markets.
The deal in detail
The portfolio spans facilities in Chicago, Atlanta, Phoenix, and multiple locations across California and Texas. These are legacy, purpose-built assets sitting in dense urban areas.
I Squared Capital has committed to investing up to $1 billion total for upgrades, customer-led expansions, and additional acquisitions as part of this new platform. The new platform will focus on three areas: colocation services, high-density deployments, and AI inference infrastructure.
On the seller’s side, Cogent Communications plans to use the proceeds primarily for debt reduction. The transaction requires regulatory approvals and is expected to close in Q3 2026, with the earliest potential closing date set for June 12, 2026.
