Oaktree Seeks Over $1 Billion Funding for Pure Data Centres

Oaktree Capital Management is seeking new minority investors for Pure Data Centres Group to raise at least £800 million ($1.1 billion) to bankroll the expansion of the UK data center developer, according to people familiar with the matter.

Oaktree is working with advisers to sell a 20% to 40% stake in Pure DC at a valuation of £4 billion to £5 billion, the people said, asking not to be identified as the information is private. A formal process could kick off as soon as next month, the people said.