Exclusive insights on Brookfield’s live dual-track process for Csquare
Morgan Stanley and TD Securities are advising Brookfield Infrastructure on exit options for its retail and wholesale colocation datacentre platform Csquare, which is being marketed on projected EBITDA of around US$600m, according to sources.
An IPO or sale are both being explored through a dual-track process, as first reported by TMT Finance in January this year. The process was subsequently picked up by other media on 13 March.
Since TMT Finance’s initial article, the deal has advanced through key timeline milestones, per subsequent exclusive updates.
Last week, TMT Finance exclusively reported on an upcoming deadline for initial non-binding offers, naming potentially interested parties.
| Updates | TMT Finance | Elsewhere Reported | Time Difference |
|---|---|---|---|
| Csquare exploring options, including M&A or IPO | 30-Jan-26 | 13-Mar-26 | 42 days earlier |
| Morgan Stanley mandated | 30-Jan-26 | 13-Mar-26 | 42 days earlier |
| TD Securities mandated | 09-Mar-26 | 13-Mar-26 | 4 days earlier |
| Valuation multiple expectation | 09-Mar-26 | 13-Mar-26 | 4 days earlier |
| Confidential S-1 filing timing | 09-Mar-26 | - | Exclusive to TMT Finance |
| NBO deadline | 02-Apr-26 | - | Exclusive to TMT Finance |
Dallas, Texas-headquartered Csquare was formed in April 2024 through a combination of legacy platforms Evoque and Cyxtera.
Beyond this review, TMT Finance subscribers benefit from exclusive insights into the company’s wider M&A and financing activity.
In October, Csquare announced the US$1bn acquisition of 10 datacentres across the US and Canada. In the same month, TMT Finance exclusively reported that these datacentres included assets from fellow Brookfield-backed datacentre platform Compass Datacenters.
Earlier last year, TMT Finance broke the news that TD Securities had been mandated to structure a US$300m to US$500m asset-backed securitisation (ABS) transaction for the datacentre provider, then known as Centersquare. TMT Finance’s report came over a week before public information was shared on preliminary ratings of the notes.
TMT Finance subscribers can read our full, exclusive reporting on this deal via our intelligence platform.
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