Sidley is a leading adviser to communications, satellite, and technology companies that invest, develop, and operate in digital infrastructure worldwide. We represent private equity sponsors, institutional investors, lenders, owners and operators, and users on complex global transactions involving digital infrastructure assets, including data centers, satellites, towers, fiber, mobile and wireless networks, and other digitally enabled infrastructure.
Our cross-disciplinary teams have represented major clients with almost every type of digital infrastructure issue in the United States, Europe, Asia Pacific, and Latin America, including:
- Acquisitions and disposals
- Develop and operate arrangements
- Customer and outsourcing transactions
- Structured equity investments
- Joint ventures, co-investments, consortium arrangements, and platforms established by financial sponsors
- REITs
- Investment funds and other vehicles
- Capital markets
- Financing
- Real estate transactions
Alongside advising on transactions, Sidley excels in providing advice on regulatory, risk, and contentious matters in the digital infrastructure sector. Leading Sidley practices complementing our digital infrastructure offerings include:
- Global communications regulatory – representing major companies for over a century, including the Bell System as it grew into AT&T, the largest communications company in the world.
- Disputes, appellate, and investigations – through which the firm has played a central role in proceedings before the Federal Communications Commission (FCC), as well as numerous federal litigation and appellate proceedings related to implementation of new regulations, including multiple Supreme Court appeals. We have represented clients before the U.S. Department of Justice and the FCC to obtain approval of more than a dozen significant mergers and acquisitions.
- Global arbitration, trade, and advocacy – where we have a particularly extensive background and knowledge in export control, sanctions, and Committee on Foreign Investment in the United States (CFIUS) matters that are highly relevant to digital infrastructure in the current international geopolitical environment.
How We Add Value
At the forefront of the industry, the Sidley team delivers innovative strategies regarding transaction structures, commercial models, technology architecture, and regulatory environments applicable to digital infrastructure. Providing clients with the culmination of our experience, our lawyers:
- Work across the digital infrastructure ecosystem: Sidley counsels all parties involved in the life cycle of digital infrastructure assets, from private equity funds, debt investors, and financial institutions to developers, operators, and customers. We advise on all aspects of digital infrastructure, including financing, investments, acquisitions and disposals, development, operations, customer arrangements, and regulation. This experience provides us with a deep understanding of the perspectives and motivations of many industry stakeholders, enabling us to drive tactical advantage and strategic value to our clients.
- Understand technology and operations: We have hands-on experience working with clients to develop digital infrastructure assets from the ground up and understand the technologies and operations underlying these assets. We have awareness and insight into the current risks arising in digital infrastructure businesses which are increasingly operating in the cutting edge of emerging enterprises and at the height of technology.
- Are ingrained in the markets we serve: We are familiar with the strategies that the various players in the digital infrastructure sector adopt, what positions are ‘market’ in transactions, and the structures that are customary in deals. We practice at the forefront of emerging issues in the sector, such as advising clients on their pursuit of early-stage and venture opportunities in the artificial intelligence space and regarding developing export controls regulation relevant to digital infrastructure assets.
- Safeguard clients with multidisciplinary teams: Sidley’s digital infrastructure group comprises tactical advisers on M&A and private equity, energy and infrastructure, technology transactions, real estate, government, finance, tax, and regulatory legal issues that are critical to operating and transacting in digital infrastructure assets. Our team is integrated with Sidley’s leading practices in areas such as artificial intelligence (AI), renewables, and cleantech, providing clients with holistic perspectives across all sectors impacting digital infrastructure. With our diversity of capabilities and extensive global experience, we can comprehensively cover the field on digital infrastructure legal issues.
- Are well-established and recognized as thought leaders: Significant digital infrastructure players choose us for their most sensitive and high-profile matters, knowing we understand the legal and business issues they face. Sidley lawyers are regularly recognized by Chambers Global (2012-2024), Chambers USA, Chambers Asia-Pacific (2012-2024), Chambers UK (2021-2024), Chambers Singapore (2012-2024), Chambers Indonesia (2013-2024), Best Lawyers® “Best Law Firms” Survey (2013-2024), and many other industry publications.
Representative Matters
Our team has helped clients navigate a wide array of challenges, including representing:
- Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, in its agreement to provide a US$200 million strategic growth investment to TeleGuam Holdings, LLC (GTA), a leading digital infrastructure provider of broadband, wireless, data center, and subsea cable landing services.
- APG Asset Management, Patrizia Infrastructure, and Smart City Infrastructure Fund on the acquisition of, and other equity matters in connection with, their stakes in SiFi Networks.
- GDS Holdings Ltd (GDS), a leading developer and operator of high-performance data centers in Asia with a diverse international investor base, as international counsel for its partnership with the Indonesia Investment Authority (INA), Indonesia’s sovereign wealth fund, to develop and expand the data center landscape in Indonesia.
- Polhem Infra on the acquisition of Telia Carrier, the world’s largest internet backbone network (now Arelion).
- DigitalBridge Investment Management in the launch of the Xenith IG fiber platform in Asia. Xenith IG was jointly formed by DigitalBridge’s investment management arm and funds affiliated with Columbia Capital.
- Partners Group in connection with its investment in the Seabras-1 fiber optic telecommunications cable between the U.S. and Brazil. This is the first direct fiber optic cable between New York and São Paulo and is logged as the first project finance deal for a subsea cable project backed by an export credit agency and recognized as “Deal of the Year” by Latin Finance 2016.
- Stonepeak Infrastructure Partners, a leading alternative investment firm specializing in infrastructure and real assets, as principal legal advisor in connection with the company’s investing an additional US$570.0 million, which, together with its initial US$2.5 billion investment in August 2022, on a fully converted basis and based on the currently outstanding equity, represents an approximately 36% ownership interest in American Tower’s U.S. data center business.
- Her Majesty’s Government as part of a 50/50 consortium with Bharti Global in the consortium’s acquisition, in a Chapter 11 court-supervised sale process, of OneWeb Global, and a number of subsequent connected matters.
- EdgePoint Infrastructure, a leading ASEAN–based independent telecommunications infrastructure company backed by DigitalBridge Group, Inc. (NYSE:DBRG), on its landmark acquisition and leaseback of 2,934 telecom towers in the Philippines from Smart Communications, Inc. and Digitel Mobile Philippines, Inc.
- Antin Infrastructure Partners on the acquisition of FirstLight Fiber, who provide fiber-optic data, internet, data center, cloud, unified communications, and managed services to enterprise and carrier customers.
- Cologix in its acquisition of a new cloud gateway data center in Silicon Valley — a five-acre, 9 MW campus, with room to expand by a further 10 MW.An international real estate fund manager in a bid to acquire a portfolio of core-powered shell data centers in the U.S.
- An international infrastructure fund in the potential development of fiber to the home networks in the U.S.
Recent Recognition
Recognized as TMT Finance’s 2023 “Data Center Deal of the Year” for representing Stonepeak in acquisition of CoreSite — TMT M&A Awards USA
Shortlisted for TMT’s “Deal of the Year” for EdgePoint Infrastructure landmark acquisition in the Philippines — Asia Legal Awards 2023
Honored as “M&A Deal of the Year: South & Southeast Asia” for representing PT Medco Energi Internasional Tbk, a leading Indonesia power company listed on the IDX on the takeover offer by a wholly owned subsidiary for Ophir Energy plc. — Asia Legal Awards 2020