Equinix announced the signing of a joint venture agreement, subject to closing conditions, in the form of a limited liability partnership with GIC and Canada Pension Plan Investment Board, with the intent to raise over US$15 billion in capital together with its partners. Driven by increasing artificial intelligence and cloud growth, the JV is intended to accelerate the Equinix xScale data center portfolio, which enables hyperscale companies to add core deployments to their existing access point footprints at Equinix International Business Exchange data centers. At full buildout, this new JV will nearly triple the investment capital of the Equinix xScale program.

Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>

See today’s best-performing stocks on TipRanks >>

Read More on EQIX:

• Equinix price target raised to $975 from $950 at JPMorgan

• Equinix EVP Scott Crenshaw Negotiates Exit Terms

• Equinix price target raised to $971 from $873 at Mizuho

• Equinix CFO Taylor sells 1,500 common shares

• Equinix price target lowered to $900 from $1,000 at Argus