Global buyout funds including Blackstone Inc. (NYSE:BX), KKR & Co. Inc. (NYSE:KKR), and Brookfield Corporation (TSX:BN) are all believed to be signing confidential documents to take a look at the $5 billion data centre provider AirTrunk (AirTrunk Operating Pty Ltd), say sources. Other suitors that will be signing up are believed to be GIP (Global Infrastructure Management, LLC), while Australian superannuation funds including AustralianSuper and IFM (IFM Investors Pty Ltd) are also thought to be preparing to look, although it's unclear how serious their level of interest will be.

Anticipation has been building for some time for Macquarie Group Limited (ASX:MQG) and Goldman Sachs to launch the sale process of AirTrunk, but it had earlier been delayed. Sources close to the deal say among the interested parties are super funds, infrastructure investors and industry rivals. It is understood that on offer is over 50% of the business and the sale process is expected to get underway in earnest in April, say sources.

Blackstone has so far been considered the frontrunner to buy the business and is believed to be poised to appoint Morgan Stanley and another investment bank. AirTrunk, partly owned by Macquarie Group, is so far thought to be worth about $5 billion, and it's a big cheque for any suitor. The other owner is PSP (Public Sector Pension Investment Board), along with the founder, ex-Next DC executive Robin Khuda.

Yet if only half is for sale, it's more manageable, although another possibility is that consortiums form to buy the business. Documents are being signed so that interested parties can gain limited confidential information on AirTrunk, as well as potential introductions to management.