Infratil Limited (ASX:IFT) says it has received Foreign Investment Review Board approval to buy Canberra Data Centres (CDC) with settlement due by the end of the month.
Infratil is paying $392 million for a 48 per cent holding in CDC which is the leading provider of data centre services with numerous Federal Government contracts.
The company has a strong track record of delivering growth and a good pipeline of further works.
CDC is forecasting 30 per cent growth to the end of the 2016 financial year with founder and CEO Greg Boorer to stay on board for the foreseeable future.
Infratil reported a net profit of $446 million to the end of March 2016.