NTT Inc.'s (TYO:9432) unit, NTT Global Data Centers, is working with Citigroup Inc. to secure new capital of at least $1 billion to invest in development projects in the U.S., Bloomberg News reported Thursday, citing people familiar with the matter.
Both entities are working to raise funds by selling stakes in a development vehicle focused on new U.S. data center projects, the people told the news agency. The fundraising could be expanded further, owing to investor demand, and may also include a credit facility, the report said, citing the sources.
The discussions remain in the initial stages, and key details, including the timing and size of the fundraising, are subject to change, the people said, as cited in the report.
NTT and Citigroup did not immediately respond to a query fromas of press time.
Shares of NTT fell over 1% in recent trade.
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