Spanish data center firm NxN has been acquired by InfraRed Capital Partners.

Infrastructure asset manager InfraRed this week announced its majority investment in NxN Data Centers. Terms of the deal were not shared.

NxN was formed in 2023 as a joint venture between Nethits Telecom Group and asset manager Adequita Capital.

Pilar Banegas, partner at InfraRed, said: “NxN represents an exceptional opportunity to establish a data center platform within Spain’s fast-growing digital landscape. We are pleased to be working with Adequita, whose experience and relationships across Spain will be valuable for scaling the company. We will also draw on our experience developing Nexspace, our DACH data center business, as we support the impressive NxN leadership in building this investment.”

InfraRed, alongside minority investor Adequita, will support the development of NxN’s first data center, a 5MW facility located in Valencia, as well as ongoing expansion opportunities across the Iberian Peninsula.

Construction has commenced at the Valencia facility, which is scheduled to open in 2027. Plans for the facility were first announced in May last year, and the company received permission for the development earlier this year.

Javier Salas, founder and executive chairman of both Nethits and NxN, said: “We are delighted to partner with InfraRed to deliver high-quality, energy-efficient data centers in Spain. By leveraging InfraRed’s experience in growing data center businesses, we are well-positioned to execute our vision for NxN: to deliver best-in-class data center infrastructure supporting Spain’s digital transformation. This initiative is underpinned by the extensive track record that Nethits has built over more than 20 years in the telecommunications sector.”

Part of SLC Management, the institutional alternatives and traditional asset management business of Sun Life, InfraRed is a mid-market infrastructure asset manager controlling $13bn of equity capital. Its previous investments include Vodafone NZ’s tower infrastructure, Proximus’ Luxembourg towers, and European data center firm Nexspace. The company recently acquired a portfolio of data centers in Canada from local telco Rogers and used them to launch a new operator called Qu.

Founded in 2006, Valencia-based Nethits provides a number of network, telephony, IPTV, and Wi-Fi solutions, with a number of services targeting the hotel industry. The company has been targeting a data center in Valencia since 2021.

Josep Adsera, principal at Adequita, added: “We welcome InfraRed as the majority investor in NxN. Their investment not only reinforces the strength of the NxN platform but also enables it to accelerate its next phase of growth. We look forward to working closely together to continue delivering resilient infrastructure solutions and long-term value for all stakeholders.”

Adequita Capital is a private family office asset management firm based in the UK. It has invested in Nethits, quantum computing firm Quantinuum, and several energy firms.