A Florida-based company that converts existing industrial facilities into data centers is joining the wave of digital infrastructure companies looking to tap the public equities market.

TECfusions Inc. has agreed to merge with Apex Treasury Corp., a special purpose acquisition company registered in the Cayman Islands, according to a regulatory filing. The deal, which is set to close by the end of this year, values the company at $4B.

The valuation includes planned and advanced projects, an expected expansion into Chile and long-term customer agreements, The Wall Street Journal reported. TECfusions owns data centers in Virginia, Pennsylvania and Arizona.

The deal is backed by an unidentified institutional investor that plans to provide $35M in private investment in public equity funds at $10 per share.

"As a public company, we anticipate access to the public capital markets will enhance our ability to accelerate development across our existing portfolio, expand into additional strategic markets, and continue building a leading infrastructure platform for the global AI economy in partnership with the communities," TECfusions founder Simon Tusha said in a statement.

Vero Beach, Florida-based Apex Treasury is backed by investors based in the United Kingdom, led by former Merrill Lynch executive Ajmal Rahman and crypto investor Hugh Cochrane. Its stock was up moderately, nearly a dollar, on the Nasdaq following the news late Wednesday morning.

TECfusions told the WSJ it chose to partner with a SPAC, also known as a “blank check company,” because it provides “better predictability” amid volatility in equity markets than a traditional initial public offering.

Last week, Brookfield-backed data center operator Csquare missed its capital target by $300M in its IPO after shares sold for $21 each, rather than the projected $23 to $27.

Data center companies going public are becoming increasingly common again following an industrywide exit from public markets in 2021 and 2022.

Switch, a Las Vegas-based developer and operator, and Softbank-backed artificial intelligence infrastructure developer SBEnergy have announced their intentions to pursue an IPO in the past few months.

Blackstone Digital Infrastructure Trust went public in mid-May on the New York Stock Exchange, raising $1.75B and hitting its $20-per-share valuation target.