SoftBank acquires DigitalBridge for $4B as CEO warns of dot-com bubble echoes

SoftBank is paying roughly $4 billion to acquire DigitalBridge Group, a US-based asset manager that oversees data centers, cell towers, and fiber networks. The December 29 announcement values DigitalBridge at $16 per share, a 15% premium over where the stock was trading before the deal surfaced. The transaction is expected to close in the second half of 2026, subject to regulatory sign-off. DigitalBridge will continue operating as a standalone entity, with CEO Marc Ganzi staying on to run the business. A $108 billion portfolio and a very loud warning Ganzi’s firm manages approximately $108 billion in digital infrastructure assets, and he’s selling to one of the most aggressive AI investors on the planet at a premium. But Ganzi is also doing something unusual for someone in his position: warning that the industry he just sold into might be getting ahead of itself. He described the current AI infrastructure moment as “toppy-esque,” invoking the late 1990s dot-com bubble as a reference point. He pointed to a specific and measurable shift in how data center deals are being financed. Loan-to-value ratios have climbed from a historically conservative range around 45% to levels as high as...