QTS Realty Trust has today announced that it will be acquired by Blackstone in an all-cash transaction valued at approximately US$10 billion.

Having entered into a definitive agreement with Blackstone, all QTS Realty Trust outstanding shares of common stock will be acquired at $78.00 per share by Blackstone Infrastructure Partners, Blackstone Real Estate Income Trust, Inc. and other long-term funds managed by Blackstone. The acquisition includes the assumption of debt.

“We are pleased to enter into this transaction with Blackstone, as it will deliver compelling, immediate and certain value to stockholders while positioning QTS to continue supporting customers’ expanding data center infrastructure needs. The QTS Board regularly reviews the Company’s strategy and market opportunities to maximize stockholder value, and we are confident this transaction achieves that objective,” said Philip Trahanas, Lead Director of the QTS Board of Directors.

Upon completion of the transaction, the parties expect that QTS will continue to be led by its current senior management team and maintain its corporate headquarters in Overland Park, Kansas. However, QTS’ common stock will no longer be listed on the New York Stock Exchange as the company will be jointly owned by Blackstone Infrastructure Partners and Blackstone Real Estate Income Trust (“BREIT”).

“We are delighted to back QTS and its world-class management team as they continue to scale the company to meet the rising demand for data centers,” said Greg Blank, Senior Managing Director, Blackstone Infrastructure Partners.

“QTS aligns with one of Blackstone’s highest conviction themes – data proliferation – and the required investment makes it well suited as a long-term holding for our perpetual capital vehicles. We are committed to a strong, lasting partnership, leveraging Blackstone’s scale, reach, resources and access to capital to drive long-term growth at QTS.”

As announced, this transaction was unanimously approved by the QTS Board of Directors and is expected to close in Q2 2021, subject to approval by QTS’ stockholders and the satisfaction of other customary closing conditions.