NEXTDC (ASX: NXT) Responds to 9.9% Share Raid by Goodman and Digital Realty

NEXTDC has appointed three financial advisers after a jointly owned vehicle of Goodman Group and Digital Realty sought to acquire as much as 9.9% of the data centre operator through an institutional bookbuild.

Ackland Investments No.1, which is owned equally by Goodman and Digital Realty, conducted the aftermarket bookbuild on 4 November 2026 at A$9.50 per NEXTDC share. NEXTDC said it did not know the outcome of the buying process when it released its response.

The move potentially gives two major property and data centre groups a substantial minority position in NEXTDC. However, there is no takeover proposal before the company’s board, and Goodman and Digital Realty have not committed to making one.

During the bookbuild, the pair told investors through their broker that they had “no intention of submitting a control proposal or making a takeover bid for the Company at this time, but reserve their right to do so”.

That wording leaves open the possibility of a later control proposal while making clear that none has currently been submitted.

Timing follows M3 setback

NEXTDC’s board described the share raid as opportunistic, pointing to its timing two weeks after the company’s 21 October announcement concerning a power delay at its M3 Melbourne data centre and revised FY27 guidance.

The board also noted that the aftermarket bookbuild was available only to institutional investors. Existing shareholders are not being asked to make a decision or take any action.

NEXTDC said any bona fide approach would be assessed on its merits and in the interests of all shareholders. The company has undertaken to disclose further developments in line with its continuous disclosure obligations.

The target holding of 9.9% is material because it would establish Ackland as a substantial shareholder, although the announcement does not disclose how many shares were ultimately acquired or the total amount spent. The A$9.50 offer price is therefore the clearest available transaction term, rather than evidence of a formal valuation or takeover price for NEXTDC.

Advisers appointed

NEXTDC has engaged Barrenjoey Advisory and UBS Securities Australia as joint lead financial advisers. Cadence Advisory has been appointed independent financial adviser, while Mallesons is acting as legal adviser.

The appointments give the board external advice should the stake-building lead to further corporate activity, but NEXTDC stressed that it is not currently in possession of a takeover proposal.

NEXTDC is an ASX 100-listed technology company that designs, builds and operates data centres serving cloud computing providers, enterprises and government customers. Its network includes Uptime Institute-certified Tier IV facilities, including operations that have achieved Tier IV Gold certification for operational sustainability.