The NextDC stake purchase went public on Thursday morning, 5 November, and the share price went straight up. After Wednesday’s close, Ackland Investments ran a book build for institutions only, chasing up to 9.9% of the company at A$9.50 a share. Goodman Group and Digital Realty own Ackland in equal parts.
NextDC closed Wednesday at A$6.53. That makes A$9.50 a 45.5% premium. The stock jumped about 38% at the open and later hit A$9.74, up 49%.
The NextDC stake purchase landed two weeks after the damage
On 21 October, NextDC cut its guidance. FY27 underlying EBITDA guidance fell to A$245m to A$265m, from A$385m to A$410m.
The cause was the grid. Jemena, which supplies power to the M3 Melbourne site, suspended parts of its 66kV works and does not expect to restart before February 2027. The next lift in power slides into FY28.
The shares fell about 42% on the day. Wednesday’s A$6.53 was the bottom of that hole.
The board’s 5 November release leans on the timing and calls the raid opportunistic. Fair enough. But raids always arrive at the worst moment for the target. That is the point of them.
The filed problem is grid power. NextDC says it is working with the affected customer on a new ramp. A seller at A$6.53 saw a hole. A patient buyer saw a delay.
| FY27 guidance | 27 Aug 2026 | 21 Oct 2026 |
|---|---|---|
| Net revenue | A640m | A500m |
| Underlying EBITDA | A410m | A265m |
| Capital expenditure | A5,750m | A5,000m |
Table 1: NextDC FY27 guidance before and after the M3 Melbourne power delay. [NEXTDC]
Goodman and Digital Realty are shopping for power and land
The Goodman Digital Realty NextDC move is a minority play, not a merger. Still, the buyers have reasons.
Data centres now make up 73% of Goodman’s development work in progress. Its global power bank reached 6.4GW by May. Its Sydney project, SYD01, is on track to open in 2028.
Goodman’s own investor material names energy supply as the biggest constraint on building. So its pitch is that it already holds the power. NextDC just had power slip into FY28 at its Melbourne flagship.
Now the price maths. Reports citing Reuters put the cost of 9.9% at about A$715m. Divide it out and the whole company is valued near A$7.2bn at A$9.50.
At Wednesday’s close, the same sum gives about A$5bn. That gap of more than A$2bn is the raid in one line.
NextDC takeover speculation now has a price tag
Both buyers told investors, through their broker, that no bid is planned right now, and they reserved the right to change that. Lawyers call that standard wording. The market heard the second half.
Diagram of Goodman and Digital Realty each owning half of Ackland, which targets up to 9.9% of NextDC.
The trading proves it. A$9.74 sits above the A$9.50 the buyers sought. Anyone paying more than the raid price is betting on a second act.
Brokers were not far off, either. Fifteen analysts had an average target of A$10.46. So A$9.50 came in under the broker average. Institutions that sold into it got paid, but not generously.
The board’s release also names its team. Barrenjoey and UBS are joint lead financial advisers, Cadence Advisory is the independent financial adviser, and Mallesons is the legal adviser. Four firms, on a day with no bid on the table.
A 9.9% holder cannot block a deal alone. Ackland is also far below the 20% line where Australian takeover rules start to bite. On a straight 50/50 split, each owner looks through to roughly 4.95%.
The NextDC share surge depends on a short calendar
Four dates matter more than any headline:
- Within two business days of Ackland crossing 5%: the substantial holder notice shows who actually got filled. NextDC says it does not know the outcome.
- 20 November: NextDC’s AGM, where it has promised the result of its capex review.
- 28 November: the Victorian election, which is slowing approvals for M3 stages 6 and 7.
- February 2027: the earliest Jemena can restart its works.
Ackland’s entry sits at A$9.50, so every extra share costs more. If it got most of what it wanted, waiting is the obvious play. A soft AGM or a slow February could hand the buyers a second discount. A good run makes the raid look like the cheapest ticket on the market.
FAQs
Q: Who made the NextDC stake purchase?
A: Ackland Investments, owned equally by Goodman Group and Digital Realty.
Q: What price did they offer?
A: A$9.50 a share, for up to 9.9% of the company.
Q: Is there a takeover bid for NextDC?
A: No. The board says it holds no proposal.
Q: Do NextDC shareholders need to act?
A: The company says no action is needed.
Q: Why did NextDC shares jump?
A: A$9.50 was 45.5% above Wednesday’s close.
Q: Did Ackland get the full 9.9%?
A: Unknown. NextDC says it does not know.
Disclaimer:
General information only, not financial advice. Colitco is not a licensed financial adviser. Figures come from company filings and media reports as at 5 November 2026, and share prices move during the day. Consider personal circumstances and speak to a licensed adviser before investing.
Luke Carlino is a seasoned Copywriter, Content Strategist, and Social Media Manager specialising in Mining, Finance, and Business journalism. With more than a decade of industry experience, he brings rigorous editorial standards and commercial acuity to every project.
