NEXTDC (ASX: NXT) your view on a possible takeover

Hi Craig,

We believe there is a very good chance that Goodman Group (GMG) and Digital Realty (NYSE: DLR) launch a takeover bid for NEXTDC (NXT). Craig Scroggie clearly shares some of that concern, having already engaged Barrenjoey to prepare NXT’s M&A defence.

Goodman Group and Digital Realty have certainly made their intentions more interesting this week, acquiring more than 57 million NXT shares at a whopping 45% premium to the previous day’s close. The $554 million investment gives Greg Goodman & Co significant optionality around NXT, and it would be fair to assume this is a strategic move that has been given serious consideration.

With NXT having already lost its chairman, the company could be feeling increasingly vulnerable to a full takeover approach. We would put the probability of a deal emerging over the next six months at more than 50%.

The most logical structure, in our view, would be for Goodman to offer its own scrip, supplemented by some cash from Digital Realty, to acquire NXT. Fund managers like us would likely be more comfortable with Goodman’s approach to balance sheet management, particularly as the near-term outlook for the data centre sector becomes increasingly clouded.

The million-dollar question, of course, is price. Having already driven NXT’s share price up by around 50%, where would a formal offer need to land? Our best estimate is somewhere in the $12.00–$12.50 range – representing a healthy premium, particularly when you consider the stock started the week below $6.00.

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NEXTDC (NXT)

LAST UPDATED 06/11/2026 10:32

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NEXTDC (NXT)

LAST UPDATED 06/11/2026 10:32