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French asset manager AXA IM said on Tuesday it has agreed to sell its stake in French data centre firm Data4 to Brookfield Infrastructure BIPC-T for an undisclosed amount.

For Brookfield, the deal marks its entrance into the European data centre market with an eye to expansion, the unit of France’s insurer AXA said in the statement.

The deal is likely to value the data centre operator at close to 3.5 billion euros ($3.8 billion) including debt, people familiar with the matter told Reuters last month.

AXA AM said it will continue to actively seek acquisition and development opportunities in sectors related to the storage and communication of data.

Headquartered in Paris, Data4 operates 31 data centres across six countries including France, Italy, Spain and Luxembourg. Its customers include cloud operators and companies.

AXA AM acquired Data4 in 2018 for an undisclosed sum.

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