The buyout firm's infrastructure unit along with its non-traded real-estate investment trust will pay $78 per share for QTS, according to the report.(https://bit.ly/3ioXRxx)
The price represents a premium of about 21% to QTS' closing price on Friday.
A COVID-19 pandemic-led remote working environment boosted demand for cloud services, which are reliant on data centers. QTS has more than 7 million square feet of data center space throughout North America and Europe.
The transaction is valued at about $10 billion, including the assumption of the data center operator's existing debt, the report said.
Blackstone and QTS did not immediately respond to Reuters' request for comment.
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