Abu Dhabi’s MGX weighs buyout of DayOne in Singapore

MGX is exploring the potential acquisition of Singapore-based data center operator DayOne, a deal that would mark the Abu Dhabi-backed investor’s first takeover in Asia if completed.

The company has been working with an unidentified investment bank on preparations for a possible transaction, Reuters reports, citing three confidential sources. DayOne is also considering a U.S. IPO that could target a valuation of about $20 billion and may also list in Singapore, the news agency said. MGX declined to comment.

DayOne, which is affiliated with China’s GDS Holdings, develops and operates data centers across Southeast Asia, Hong Kong, Japan and Finland, and could still pursue an IPO if a deal does not materialize.

Founded just over two years ago by Mubadala and G42, MGX is targeting more than $100 billion in assets and investments across artificial intelligence infrastructure, including data centers and semiconductor technology.

MGX’s investments include OpenAI, Anthropic and xAI, while its infrastructure portfolio includes Aligned Data Centers through a $30 billion AI infrastructure fund with BlackRock and Nvidia.

The firm has also acquired a 15% stake in TikTok’s U.S. operations and invested $2 billion in Binance.