Funds managed by Apollo Global Management (NYSE:APO) agreed to acquire a majority interest in Stream Data Centers ("SDC") from Stream Realty Partners ("SRP"), the companies said on Wednesday, as the asset manager bets on enormous demand for data centers driven by AI.

Global private equity fund Apollo has agreed to acquire a majority stake in Stream Data Centers, a Dallas-based builder of “hyperscale” data

Apollo Global Management Inc. agreed to acquire a majority stake in Stream Data Centers, making its first such acquisition as the alternative asset manager capitalizes on booming demand for digital infrastructure.

Apollo Global Management (APO) reportedly has agreed to acquire a majority stake in data center builder Stream Data Centers. According to a report by Bloomberg, the deal will allow funds managed by the alternative asset management company to potentially invest money in digital infrastructure.