Damac's Edgnex acquires European data centre after $20b US investment pledge

Dubai: Edgnex Data Centres – the digital infrastructure arm of Dubai-based Damac Properties – announced Monday that it has acquired Finland-founded data centre company Hyperco. The acquisition reinforces Damac’s presence in the European market.

Hyperco operates in Finland and Sweden, leveraging the region’s renewable energy sources, mature digital ecosystem, and high connectivity.

Hussain Sajwani, Founder of Damac Group, said, “This acquisition aligns with our vision to develop strong partnerships, invest, and build scalable, world-class digital infrastructure. Hyperco brings a great team, deep market expertise, and a shared commitment to innovation, which will drive our regional success.”

He added, “We plan to build a significant future capacity in the Nordics and establish a strong foothold in the market.”

Damac explained in a statement that the company’s three co-founders and existing team will continue to lead operations through the next phase of growth.

Aleksi Taipale, Co-founder and CEO of Hyperco stated, “This marks an exciting new chapter for Hyperco. Joining forces with Edgnex and Damac Group empowers us to accelerate our mission of delivering large-scale, sustainable data centre infrastructure tailored for hyperscalers and AI-driven workloads.”

Taipale said, “With our established footprint in Finland and Sweden, access to low-carbon energy, and focus on scalability, we are well-positioned to meet the growing digital demands of the region and beyond.”

This expansion follows Edgnex’s major foray into the US markets, where the company has committed a $20 billion foreign investment in building data centres in the USA. Edgnex said it plans to leverage Damac’s equity, bank debt, and potential third-party capital to fuel its expansion in the US, the company said back in January this year.  

Edgnex’s recent European activities include a €150 million joint venture in Greece with Public Power Corporation (PPC) to develop up to 25 MW and a €400 million commitment to build a 40 MW data centre in Madrid, Spain.

Edgnex is targeting 300+ MW of operational capacity by 2026, supported by a robust investment pipeline of over $3 billion, including key Southeast Asian markets.

Damac established Edgnex in 2021 and is on track to deliver 55 MW in the Middle East by 2025, with a projected global capacity exceeding 3,000 MW.

Edgnex’s existing portfolio includes operations in 10 countries - UAE, KSA, Turkey, Thailand, Malaysia, Indonesia, Greece, Spain, Finland and Italy - with a projected capacity exceeding 1000MW+.