Aug 13, 2026 – 6.30pmLess than two years after Macquarie Asset Management landed a $24 billion exit at Australian data centre giant AirTrunk, its dealmakers are weighing a bid for parts of another digital infrastructure major: Stack Infrastructure.Macquarie is working with UBS to vet Stack’s operations in Australia, Asia and the Pacific, according to people familiar with the discussions but not authorised to speak publicly. The Silver Doughnut’s is yet to make a final decision on whether to lob a bid.Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.Kanika Sood is a journalist based in Sydney who writes for the Street Talk column.Angira Bharadwaj is a co-editor of Street Talk. She covers IPOs, capital raises, mergers and acquisitions and other breaking news in Australia’s capital markets. Previously, she covered financial services, state, and federal politics. Send tips to @angirab.60 on encrypted messaging platform Signal.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber?
Macquarie mulls bid for $25b-plus Stack APAC data centres
While the home-grown infrastructure powerhouse has long been touted as a logical suitor for Stack APAC, its decision to hire UBS shows it is more than just kicking tyres.
TL;DRAI
Macquarie Asset Management weighs a ~$25 billion bid for Stack Infrastructure's APAC data centres, echoing its $24 billion AirTrunk exit. Consolidation reflects intensifying competition for capacity as AI and hyperscale demand surge across the region.
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