Blackstone Inc. is close to finalizing a deal to acquire Australian data center operator AirTrunk for over A$20 billion ($13.5 billion) including debt, according to sources familiar with the situation. This acquisition, potentially one of the largest digital infrastructure deals of the year, comes after Blackstone outbid several rivals. The New York-based alternative asset manager is currently negotiating the final details with AirTrunk's owners, Macquarie Group Ltd. and PSP Investments, with an agreement possibly being signed as early as this week.

Although the deal is not yet finalized and terms could still change, Blackstone has already secured a A$5.5 billion loan at the holding company level, on top of a pre-arranged A$7 billion funding package underwritten by four banks. Additionally, private credit funds are in talks to provide at least A$1.5 billion in junior debt. This move follows a wave of activity in the Asian cloud-services market, where KKR & Co. recently acquired a 20% stake in Singapore Telecommunications Ltd.’s data center business, and Blackstone launched its first wholly-owned platform in the sector in Asia last year.