SoftBank to Acquire DigitalBridge for $4B, Bolstering AI and Digital Infrastructure

This acquisition sees SoftBank adding a full alternative asset manager focused on digital infrastructure to its portfolio in a relatively small deal by enterprise value given DigitalBridge’s large AUM. The US$4 billion price tag reflects more than just asset holdings—it accounts for growth potential in AI-infrastructure demand globally, but also discounting risk and regulatory complexity given the broad span of DigitalBridge’s operations.

Key things to note:

• Valuation vs. fundamentals: While DigitalBridge has ~US$108 billion in assets under management, the purchase price is modest in comparison—just under 4% of AUM—indicating SoftBank is acquiring DigitalBridge at a steep discount to NAV, but with major control over future earning potential rather than current earnings streams. The 15% and 50% premiums imply that the market had not fully priced in the perceived strategic value of DigitalBridge’s infrastructure exposure. [2][4]
• Strategic fit and ASI/vs “physical AI”: SoftBank’s CEO, Masayoshi Son, frames the deal as foundational for “next-generation AI data centers,” Channeling efforts into what might be called physical infrastructure for AI—data centers, connectivity, fiber, towers, etc.—complementing what SoftBank has done with ownership in AI models and stakes in companies like OpenAI, as well as partnerships such as Stargate. This deal fills a gap in SoftBank’s infrastructure layer. [2]
• Operational autonomy and risk mitigation: That DigitalBridge will continue to operate as a separately managed platform under its existing management (CEO Marc Ganzi) suggests SoftBank is prioritizing continuity of expertise and preserving operational culture—important for highly specialized infrastructure businesses. However, key risks will include regulatory approvals (both U.S. and international), antitrust concerns, and integration of asset/capital‐allocation practices. [1][4]
• Timing and closing conditions: The deal is expected to close in H2 2026, dependent on shareholder and regulatory approvals. Between announcement and closing, SoftBank faces execution risk—managing any unwanted defections, competitive offers, or macro-downturns in AI infrastructure demand. Also, costs associated with integrating or supporting DigitalBridge’s expansive global footprint could be nontrivial. [1][6]

Longer-term implications include framing AI infrastructure investment as a core component of SoftBank’s strategy, influencing capital flows in the sector, raising valuations for similar platforms, and possibly accelerating consolidation in data centers, fiber, towers, and edge infrastructure. Open questions remain about how SoftBank will exploit synergies, how DigitalBridge’s minority investments (in firms like Vantage, Switch, Zayo, etc.) will be managed, and whether regulatory scrutiny (especially foreign ownership, cross-border infrastructure) emerges as a constraint.