Market Precedent
Proof from the market, not just our own projections.
Four disclosed India data center transactions — the acquisitions whose valuations, structures and multiples inform our own underwriting. These are market precedent, not engagements Sinojia Capital itself executed.
M&A Precedent — Full Acquisition
Equinix ← GPX Global Systems (2020)
Equinix's all-cash entry into India via GPX
In August 2020, Equinix acquired GPX's Indian operations — two Tier IV Mumbai facilities anchoring one of India's densest interconnection points — in an all-cash deal. Equinix disclosed the price as roughly 15× projected EBITDA at full utilization, a level it justified by GPX's carrier density (12 telecom carriers, 130+ ISPs, 4 IXs) rather than raw square footage.
- Deal value
- USD 161M (~₹1,678 Cr, 2026-adjusted)
- Capacity
- 2 Tier IV facilities, ~90,000 sq ft, ~8.5 MW
- Multiple
- ~15× projected EBITDA
- Structure
- Full-liquidity, all-cash acquisition
Implied value per MW (computed directly from disclosed figures)
Unlike the other deals here, both the deal value and MW capacity for GPX were already disclosed in the same public reporting — this is a direct division of two verified figures, not an estimate built on an assumed capacity range.
- Deal value (2020)
- USD 161M
- Capacity
- ~8.5 MW
- Implied value per MW
- ≈ $18.9M / MW
M&A Precedent — Staged Carve-Out
ST Telemedia GDC ← Tata Communications (2016–19)
STT GDC's platform-scale carve-out of Tata Communications' data centers
STT GDC acquired a 74% stake in Tata Communications' India and Singapore data center portfolio in 2016, then bought out the remaining 26% of the Singapore assets in 2019. The India perimeter alone spanned 14 operating facilities — the anchor transaction for what became India's largest carrier-neutral colocation platform.
- Deal value (100% EV)
- ~₹3,130–3,140 Cr in 2016 (~₹5,024 Cr inflation-adjusted)
- Capacity
- 14 India facilities + Singapore assets, ~1M sq ft
- Multiple
- ~15× EV/EBITDA
- Structure
- 74% carve-out (2016) → 100% (2019)
Caveat — These facilities also predate modern high-density colocation: 2016-era Indian data centers were typically built to modest rack densities — commonly in the roughly 4–7 kW/rack range of that period — well below today's 10–20+ kW/rack (and far higher for AI/HPC halls). Raw sq ft or facility-count figures from this deal aren't directly comparable to newer, higher-density builds like our own 10 MW GIFT City facility.
Rough estimate — implied value per MW (illustrative, not verified)
Deal value here is already disclosed as 100% enterprise value (~₹3,130–3,140 Cr, 2016) — no stake grossing-up needed, unlike Netmagic. Capacity at the exact deal date wasn't disclosed; the closest documented figure we could verify (via Business India, Nov 2020) is 40 MW — the business's total IT load when an executive joined Tata Communications' data center unit in 2014, two years before this deal closed. That same article puts capacity at 110 MW by late 2020, with most of that growth happening under STT GDC after the 2016 acquisition — so 40 MW likely understates 2016-era capacity, meaning the $/MW figure below is probably an upper bound, not a precise number. Converting at the ~₹67/USD 2016 average rate and dividing by this 40 MW baseline gives a rough sanity check only.
- Deal value (100% EV, 2016)
- ≈ ₹3,130–3,140 Cr / ≈ $468M (at ~₹67/USD, 2016)
- Capacity basis (2014 IT load — closest documented figure, ~2 yrs pre-deal)
- 40 MW
- Implied $/MW (likely an upper-bound estimate)
- ≈ $11.7M / MW
M&A Precedent — Staged Founder Buyout
Iron Mountain ← Web Werks (2021–25)
Iron Mountain's phased buyout of a founder-led Indian operator
Iron Mountain entered India in 2021 through a joint venture with Web Werks, expanded its commitment in 2023 to fund a Navi Mumbai buildout, then acquired the founders' remaining equity in 2025 — taking a regional operator to full global-platform ownership without the lead time of a greenfield build.
- Deal value
- USD 150M (2021) + USD 170M (2023) + ~₹1,400 Cr (2025 buyout)
- Capacity
- 6 Tier III facilities, 5 metros, 16.5 MW, 200+ clients
- Structure
- JV (2021) → expanded stake (2023) → full buyout (2025)
Rough estimate — blended value per MW (illustrative, not verified)
Summing all three tranches — USD 150M (2021) + USD 170M (2023) + ~₹1,400 Cr (2025, converted at a rough ~₹83/USD) — gives roughly $489M in total capital committed over 2021–25, against the platform's current disclosed 16.5 MW. Unlike Netmagic's 2012/2017 tranches, this figure blends acquisition price with capital that funded new construction (the 2023 Navi Mumbai buildout), so it isn't a clean 'price for existing MW' — treat it as a rough, directional blended figure only, not a like-for-like comparison to the other deals here.
- Total disclosed capital, all 3 tranches (2021–25)
- ≈ $489M (2025 portion at ~₹83/USD)
- Blended implied value per MW (16.5 MW, current)
- ≈ $29.6M / MW (blended, not a clean acquisition price)
M&A Precedent — Three-Tranche Buyout
NTT Communications ← Netmagic Solutions (2012–17)
NTT's three-tranche path to 100% of Netmagic
NTT Communications entered India by acquiring a 74% stake in Netmagic in 2012, added 7.63% in 2014 alongside a capital infusion, then acquired the final 18.37% in 2017 — roughly a 3.4–3.6× step-up in implied valuation from entry to full ownership. The platform scaled from 9 to 10 facilities and past 150 MW under NTT.
- Deal value
- ~₹640 Cr (74%, 2012) → ~₹534 Cr (final 18.37%, 2017)
- Capacity
- 9 → 10 facilities, 150+ MW by 2020
- Structure
- 74% (2012) → 81.63% (2014) → 100% (2017)
Caveat — These 2012-era facilities predate modern high-density colocation: Netmagic's footprint at acquisition was typically built to modest rack densities — commonly in the roughly 4–7 kW/rack range of that period — well below today's 10–20+ kW/rack (and far higher for AI/HPC halls). Raw sq ft or facility-count figures from this deal aren't directly comparable to newer, higher-density builds like our own 10 MW GIFT City facility. Netmagic's own brand mark is no longer in independent use — the business now operates fully under the NTT Global Data Centers name, so only the acquirer's logo is shown above.
Rough estimate — implied value per MW (illustrative, not verified)
Netmagic's MW capacity at the time of these tranches was never officially disclosed. A public AI-generated search summary estimates roughly 15–25 MW in aggregate for 2012 (7 facilities, ~200,000 sq ft) — an unverified, third-party estimate, not a primary-sourced figure. Summing our two disclosed tranches — ₹640 Cr (74%, 2012) + ₹534 Cr (final 18.37%, 2017), ≈92% of equity, excluding the undisclosed 2014 tranche — and converting at the ~₹65/USD 2017 rate gives ≈$180M in aggregate disclosed consideration. Dividing that by the capacity range below is a rough sanity check on precedent pricing, not a verified valuation.
- Aggregate disclosed consideration (~92% stake, 2012 + 2017)
- ≈ ₹1,174 Cr / ≈ $180M (at ~₹65/USD, 2017)
- Implied $/MW — upper capacity case (25 MW)
- ≈ $7.2M / MW
- Implied $/MW — lower capacity case (15 MW)
- ≈ $12.0M / MW
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