Milbank LLP Advised Morgan Stanley On Meta’s Groundbreaking JV With Blue Owl
Milbank LLP Advised Morgan Stanley on Meta’s Groundbreaking JV with Blue Owl
Milbank LLP advised Morgan Stanley & Co. LLC, acting as sole bookrunner, in a private securities offering by funds managed by Blue Owl Capital to raise capital that will be invested into a joint venture with Meta Platforms, Inc. (NASDAQ: META) to finance the development and conduct the operations of the Hyperion data center campus in Richland Parish, Louisiana.
This partnership will support the speed and flexibility required for Meta's data center projects and long-term AI ambitions. Funds managed by Blue Owl Capital will own an 80% interest in the joint venture, while Meta will retain the remaining 20% ownership. The parties have committed to fund their respective pro rata share of the approximately $27 billion in total development costs for the buildings and long-lived power, cooling and connectivity infrastructure at the campus. Meta will provide construction management and property management services for the project.
“This transaction showcases the evolution of AI infrastructure from a niche frontier to a core pillar of digital economy investment,” said Global Project, Energy and Infrastructure Finance partner and group chair Dan Bartfeld. “Representing Morgan Stanley in a deal of this magnitude — against a backdrop of rapid technological change and regulatory complexity — is a testament to the deep, cross-disciplinary strength across our teams.”
“This deal represents a pivotal moment in how capital markets and long-term infrastructure capital converge around technology,” added Jonathon Jackson, partner and practice group leader of Milbank’s Corporate Finance and Securities group. “It’s not just about deploying funds — it’s about structuring durable credit solutions in a fast-moving sector.”
Milbank’s Digital Infrastructure Practice Group is the leading legal advisor driving digital infrastructure transactions across the entire value chain — from GPU procurement to powered land, data centers, buy-side/sell-side and capital raises (debt/equity) throughout the capital stack. In 2025, Milbank will have had the lead legal role in over $100 billion of digital-focused transactions, including several of the largest capital markets, project finance, real estate and M&A transactions to date.
The Milbank LLP team was led by Global Project, Energy and Infrastructure Finance Dan Bartfeld (Partner), Jaime Ramirez (Partner), and Carolina Walther-Meade (Partner), and Corporate Finance and Securities Jonathon Jackson (Partner), and Rod Miller (Partner), along with Corporate Finance and Securities Teresa Chen (Special Counsel), and Isobel Smith (Associate), Allison Mahoney (Associate), and Martha Schmidt (Associate), and Global Project, Energy and Infrastructure Finance Leah Chacón (Special Counsel), and Beryl Yan (Associate).
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