2025年第一季度全球数字化基础设施行业更新报告

Q1 2025 Table of Contents 02Key Industry Trendsby Sector 03Key NewsStories 01Houlihan LokeyOverview 06Appendix 05Public Markets Overview 04Featured Q1 2025Transactions Houlihan Lokey Overview Digital InfrastructureIndustry UpdateQ1 2025 Our Service Offerings Bill FanningManaging DirectorBFanning@HL.com+1 415.205.7242 Clayton FunkManaging DirectorCFunk@HL.com+1 816.820.0169 Jason Hill Co-Head of U.S. Tech, GlobalHead of Digital InfrastructureJDHill@HL.com+1 617.947.7295 Dear Clients and Friends, Houlihan Lokey is pleased to present its DigitalInfrastructure Industry Update for Q1 2025. We haveincluded topical news stories, transaction announcements,public markets valuation data, and industry insights to helpkeep you abreast of this dynamic and constantly evolvingindustry. Corporate ValuationAdvisory Services Mergers andAcquisitions Billy GoldsteinManaging DirectorBilly.Goldstein@HL.com+1 212.497.4280 Chris GodsmarkManaging DirectorChris.Godsmark@HL.com+44 79 7040 6784 Max Gilbert Managing DirectorMax.Gilbert@HL.com+44 78 2499 7547 Houlihan Lokey now has ~40 financial professionalsbetween the U.S. and Europe covering the digitalinfrastructure sector.We are also pleased to welcome BillyGoldstein as a Managing Director, bringing deep industryexpertise and further strengthening our global capabilities. Capital Solutions TransactionAdvisory Services Board AdvisoryServices Jesse NicholsManaging DirectorJesse.Nichols@HL.com+1 720.202.1481 Brian PryorManaging DirectorBPryor@HL.com+1 650.996.7295 Christian MaherManaging DirectorChristian.Maher@HL.com+44 79 0024 3308 This update also includes the latest from Houlihan Lokey’sCapital Solutions team, one of the largest and most activenon-balance-sheet placement agents on Wall Street. TheCapital Solutions Group brings real-time knowledge of andinsight into what is achievable in today’s volatile marketsbased on recent and in-process financing transactions. Dispute ResolutionServices TransactionOpinions FinancialRestructuring Greg WidroeManaging DirectorGWidroe@HL.com+1 916.425.9659 Charlie HartwickSenior Vice PresidentFinancial SponsorsCHartwick@HL.com+1 310.788.5394 Sean HewDirectorSHew@HL.com+1 305.877.8807 We hope you find this quarterly update to be informativeand that it serves as a valuable resource to you. If there isadditional content you would find useful for future updates,please do not hesitate to call or email us with yoursuggestions. Portfolio Valuationand Fund Opinions Regards, Mario MannaManaging DirectorCapital SolutionsMario.Manna@HL.com+1 203.253.5685 Sean FitzgeraldManaging DirectorCapital SolutionsSFitzgerald@HL.com+1 917.837.0069 Gregg NewmanManaging DirectorCapital SolutionsGNewman@HL.com+1 646.221.8141 Houlihan Lokey’s Digital Infrastructure Team Welcoming Billy Goldstein to the Digital Infrastructure Team Billy Goldstein Managing DirectorNEW YORK QUALIFI CA TI ONS Mr. Goldstein joins Houlihan Lokey following nearly five years as a Partner and Managing Directorat CDX Advisors, a technology-enhanced investment bank focused on TMT and middle-marketgrowth companies. At CDX, he focused primarily on the digital infrastructure space, originating andadvising clients in more than $22.6 billion of closed M&A (buyside and sellside M&A) involvingprivate and public targets. Mr. Goldstein also structured joint ventures and raised $4.8 billion inprivate equity for the firm’s digital infrastructure clients. Prior to his time at CDX, he had been aManaging Director in the TMT group at Goldman Sachs and, subsequently, Head of NorthAmerican Telecom Merchant and Investment Banking for Macquarie Capital. Throughout hiscareer, Mr. Goldstein has executed more than $130 billion of closed M&A and raised over $37billion of debt and equity for clients. Clickhereto view the full press release. Accomplishments The Digital Infrastructure team ispart of Houlihan Lokey’s globalTechnology Group, with morethan 140 finance professionalsdedicated to delivering superiorresults and outstanding servicein the technology sector. Houlihan Lokey continued its position as a leading investment banking advisor to digital infrastructure and connectivitycompanies, having recently advised Archtop Fiber on its capital raise from Monroe Capital; Logix Fiber Networks on itsrecapitalization by O’Connor Capital Solutions; Surf Internet on its equity investment from Macquarie and debt raise fromDigitalBridge, CDPQ, CPPIB, Boundary Street, and Liberty Mutual; FullFibre on its merger with Zzoomm; Kajeet on its growthcapital raise from MWP; Bandwidth Logic on its joint venture with a strategic investor; Connect De Moines on its sale to Cologix;Glass Routes on its growth financing from Post Road Group; Focus Group on its sale to Hg; Colohouse on its acquisition ofHivelocity; and Lit Fibre on its pending sale to CityFibre. The Digital Infrastructure team has earned a reputation for providing superior service and achieving outstanding results in M&Aadvisory,