Azrieli Group Buys Green Mountain for Nearly $850M

Azrieli Group (TASE: AZRG), a large Israeli real estate company, is expanding its operations in the data centers sector to Europe by acquiring Green Mountain – a private colocation services company from Scandinavia. Azrieli Group pays NOK 7.6 billion, nearly USD 850 million for 100% of the share capital of Green Mountain.

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Green Mountain is a private data center operator based in Norway that has been operating in the field of server farms in three main areas since its inception.

  • Planning and construction of server farms with high levels of information security
  • Provision of advanced service farm services to organizations and wholesale customers
  • Highly efficient server farm operations

Green Mountain has various real estate sites that are leased to other parties and used by the company for its server farm activities. Green Mountain has three server farms in Norway and has signed contracts with clients for about 24MW of capacity over a 7.5-year period. Green Mountain also has 520MW of future building and development potential at these and other locations.

The Green Mountain DC1-Stavanger data center was built underground in a former NATO weapons storage facility. This data center is powered entirely by renewable hydropower and cooled by fjord water. This would maintain an 8°C constant temperature.

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Photo Danna Azrieli, Chairman of Azrieli Group
“The Data Centers sector represents the new income-producing real estate world and is experiencing high growth rates,” said Danna Azrieli, Chairman of Azrieli Group.


Green Mountain’s yearly growth rate has recently surpassed 50%. The company’s key clients include large cloud services providers, substantial High Performance Computing (HPC) customers, and more.

“Acquiring Green Mountain is a key milestone in realizing Azrieli Group’s strategy for building international operations in the Data Centers sector. The combination of the operations in North America through Compass with the acquisition of Green Mountain in Europe will allow Azrieli Group to become a significant global player in this growing and developing arena,” said Danna Azrieli, Chairman of Azrieli Group. “The data centers sector represents the new income-producing real estate world and is experiencing high growth rates. We are making a significant investment in Europe through the acquisition of a high-quality platform with growth potential, experienced and knowledgeable management, and excellent assets. After several years of the Group’s operating in the field, I believe that the data centers sector will be another significant growth engine for Azrieli Group, alongside the other growth engines which are continuing to develop.”

Azrieli Group was advised by Rothschild & Co as sole financial advisor and DLA Piper for legal.