On December 29, 2025, SoftBank Group Corp. (TSE: 9984) announced that it will acquire DigitalBridge Group, Inc. (NYSE: DBRG) for $16.00 per share. This price is a 15% premium to the closing price on December 26, 2025.
The cash-only deal is estimated to be worth about $4 billion and includes the assumption of DigitalBridge’s current debt. The transaction is expected to be completed by the second half of 2026.
Valuation and Market Multiples
The deal metrics reflect the high cost of entry into the AI infrastructure market.
The implied Enterprise Value (EV) to Last-12-Month (LTM) Revenue multiple of the transaction is 42.9x, according to S&P Capital IQ. Looking to next year, the Implied EV to Next-12-Month (NTM) Revenue is 10.2x and the Implied EV to NTM EBITDA is 30.7x.
These values place the acquisition at the upper end of current industry benchmarks. By comparison, traditional digital infrastructure peers trade at EBITDA multiples between 18x and 24x. SoftBank seems to be paying a premium for DigitalBridge’s existing pipeline of power-secured sites.
A 10x revenue multiple of a capital-intensive infrastructure company would be considered expensive. In today’s world, it shows that “power-ready” land is being valued more like a high-growth SaaS company than a real estate holding. SoftBank is betting that the shortage of data center capacity will justify these multiples as lease rates keep rising.
Shifting Focus to Physical Assets
This acquisition is a shift in the direction of SoftBank. The company had been investing in high-growth software companies over the years through its Vision Funds. The company now wants the physical backbone of the tech economy.
DigitalBridge has assets worth $108 billion. These include data centers, cell towers, and fiber networks. As a result, SoftBank is shifting towards an infrastructure operator rather than a venture investor.
Masayoshi Son, the CEO of SoftBank, has been outspoken regarding his vision of Artificial Super Intelligence. But software requires power and space to run, so buying an infrastructure specialist company seems to be a logical step. The company is literally acquiring the picks and shovels of the AI age.
Impact on the Stargate Project
The deal directly supports “Stargate”, a $500 billion joint venture between OpenAI and Oracle (NYSE: ORCL). Stargate is focused on creating huge US-based computing clusters. But these locations demand enormous power.
In October 2025, Vantage Data Centers, a major holding of DigitalBridge, announced a collaboration with OpenAI and Oracle to construct a significant Stargate data center location in Wisconsin. DigitalBridge is now managing more than 20 gigawatts of secured power capacity. This acquisition addresses a significant scaling issue of SoftBank; it is not just buying a company, it is buying pre-approved access to the grid.
DigitalBridge CEO Marc Ganzi said that the collaboration will speed up the implementation of next-generation AI infrastructure. Moreover, Ganzi will remain the head of the company as an independent platform of SoftBank. This suggests SoftBank values the existing management expertise.
Market Context and Risks
The current bottleneck in AI development is data centers. Big tech companies such as Microsoft and Google are having trouble locating sufficient power. This has made infrastructure assets very valuable. However, regulatory obstacles are still an issue. Governments often scrutinize large foreign acquisitions of critical infrastructure.
SoftBank had earlier divested a large stake in Nvidia to raise funds. It is now putting that cash into physical assets. Some analysts question whether the offer price of $16 is too high. Despite this, the deal has been approved by the board.
Final Thoughts
SoftBank already holds a majority of Arm Holdings (Nasdaq: ARM). With the addition of DigitalBridge, the company has control over the chip architecture and the data centers in which chips reside. In this way, the company is developing a vertically integrated AI stack. This plan minimizes dependence on outside vendors.
The move comes as DigitalBridge was already pivoting. It recently transitioned from a diversified REIT to a pure-play digital manager.
But global expansion needs huge capital. That firepower is available in the balance sheet of SoftBank. It is a huge gamble on the long-term demand for physical connectivity.
FIGURE 1: DigitalBridge – Vantage Data Centers – Port Washington (Lighthouse) Data Center
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