Latham & Watkins Advises Apollo in Acquisition of Majority Stake in Stream Data Centers

Apollo (NYSE: APO) announced that Apollo-managed funds (the Apollo Funds) have agreed to acquire a majority interest in Stream Data Centers (SDC) from Stream Realty Partners (SRP). With Apollo’s backing, SDC is positioned to execute on a multi-gigawatt pipeline while enabling Apollo Funds and affiliates to potentially deploy billions of dollars into next-generation digital infrastructure. SDC’s management team will retain a minority stake and continue leading the business. As part of the transaction, Apollo Funds and SRP will commit new capital to Stream’s existing data center land fund to accelerate site development for 650 MW of near-term power capacity across campuses in metro Chicago, Atlanta, and Dallas. A newly formed subsidiary of the Apollo Funds will assume the role of investment manager of the land fund. The transaction is subject to customary closing conditions and is expected to be completed in 2025.

Latham & Watkins LLP represents Apollo in the transaction with a corporate deal team led by New York partners Rick Press, Paul Kukish, and Eyal Orgad, and New York counsel Richard Quay, with associates Victor Wang, Eric Rothman, and Samyung Han. Advice was also provided by Latham’s interdisciplinary Data Center Team including Orange County real estate partner Hilary Strong, New York finance partner Chirag Dedania, Washington, D.C. energy regulatory partner Natasha Gianvecchio, Washington, D.C. technology transactions partner Morgan Brubaker, Houston project development partner Jonathan Katz, and Orange County/Washington, D.C. environmental and land use partner Nikki Buffa, with counsel Lucas Quass and associates Lauren Lozada, Tanya Khiatani, Fernando Langa, Silvia Martin, Johnny Zhuang, and Kevin Homrighausen; on real estate matters by New York partner Michelle Kelban and Chicago counsel Dustin Paige, with associate Adrianna Robakowski; on compensation and benefits matters by New York partner Bradd Williamson, with associates Anne Bracaglia and Sam Minter; on tax matters by Los Angeles partner Pardis Zomorodi and Los Angeles counsel William Kessler; on antitrust/merger control matters by Los Angeles/Washington, D.C. partner Makan Delrahim and Washington, D.C. partner Caitlin Fitzpatrick; on environmental matters by New York partner Gary Gengel and Los Angeles/Houston partner Joshua Marnitz, with associates Tyler Krenek and Tal Carmeli; on labor and employment matters by New York counsel Sandra Benjamin, with associates Jocelyn Wexler and Elizabeth Duncan; on insurance matters by Los Angeles partner Harrison White, with associate Sandra Mathew; and on investment funds matters by New York partner Andrea Schwartzman and Chicago partners Matthew Wynne and Laura Ferrell, with associates Mike Hart-Slattery, Haley Hohensee, and Ethan Cramer Gibbs.