Paul Hastings LLP announced on May 18 that it advised the underwriters in Blackstone Digital Infrastructure Trust’s initial public offering, which raised $1.75 billion through the sale of 87.5 million shares at $20.00 per share. The company has also given the underwriters a 30-day option to purchase additional shares, potentially increasing total gross proceeds to $2 billion.
The offering is reported as the third-largest real estate investment trust initial public offering in United States history.
Blackstone Digital Infrastructure Trust is a newly formed company that focuses on acquiring and owning data center assets considered essential for supporting digital operations. The trust is externally managed by an affiliate of Blackstone, which is described as the world’s largest alternative asset manager and a significant investor in data center and digital infrastructure assets globally.
A syndicate of 29 underwriters participated in the transaction, with Goldman Sachs & Co., Citigroup, Morgan Stanley, Barclays, BofA Securities, Deutsche Bank Securities, J.P. Morgan, RBC Capital Markets and Wells Fargo Securities acting as joint lead book-running managers.
Scott Chase led the Paul Hastings team advising on securities matters alongside corporate associates Kimberly McKenzie, Mary Day Royston, Gaby Jassir and Tyler Penta. Chris Mangin led tax advice with associates Elaine Lee and Kelsey Massey; Jacqueline May advised on Financial Industry Regulatory Authority matters.
According to Paul Hastings, their firm includes elite teams across multiple practice areas and provides legal services to leading investment banks, asset managers and corporations worldwide.
