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While SA has new competitors in the market, Teraco believes the data centre war will be won in the rest of Africa region.

It is also a very topical one: "The greatest source of liquidity now is going to be continuation funds," VC Roger Ehrenberg predicted in a recent episode of the 20VC podcast. Continuation funds, which are common in private equity [PE] but rare in venture capital, are a secondary investment vehicle that allows them to “reset the clock” for several years on some assets in old funds by selling them to a new vehicle that they also control. This helps a VC fund’s backers, known as “limited partners,” to roll over their investment or exit.

Welcome to the very last issue of The Exchange! With TechCrunch+ sunsetting this month, The Exchange column and its newsletter are also coming to an end.

Data centre operator Digital Realty Trust has agreed to acquire a majority stake in Teraco Data Environments Pty, Africa’s largest data-center operator, from private equity owners Permira and Berkshire Partners.

Digital Realty will buy control Teraco Data Environments in a transaction that values the South Africa-based developer at $3.5 billion.