Brookfield Infrastructure Partners (BIP.N): Not Worried About Merger 10/14 Vote, More Datacenter Hubs Coming

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Brookfield Infrastructure Partners (BIP.N): Not Worried About Merger 10/14 Vote, More Datacenter Hubs Coming

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31 Jul 2026 15:20:40 ET │ 13 pages

Brookfield Infrastructure Partners

(BIP.N)

Not Worried About Merger 10/14 Vote, More Datacenter Hubs Coming

CITI'S TAKE

The proposed BIP/BIPC simplification is likely to get a positive vote on Oct. Neutral

14 with closing expected 4Q26. Management sees many datacenter hub Price (30 Jul 26 16:00) US$42.39

deals (Canada next, with 3 MOUs behind it in Sweden, France, and Qatar). Target price US$41.00↑In the US, Brookfield’s NEE Kentucky partnership (conditional on signing a

customer contract) and $25B capex agreement with Bloom highlight a from US$37.00

strong platform for future growth for BIP. Expected share price return -3.3%

Expected dividend yield 4.2%

BIP/BIPC Simplification to Close in 4Q26 — We think that BIP/BIPC transaction will

Expected total return 0.9%be approved without much opposition on October 14 and close in Q4 2026.

Brookfield’s capital market communication allowed smaller minority investors with Market Cap US$19,398M

potential cash tax leakage to exit in advance of the transaction as Brookfield was

only able to due diligence tax law issues for larger countries where largest investors

domicile. The deal should improve liquidity and broader index eligibility.

Price PerformanceNEE Partnership to Build Kentucky Campus — Brookfield partnered with NextEra

to build an AI campus on DOE land, combining ~1.2GW of compute with 2GW of gas (RIC: BIP.N, BB: BIP US)

generation and 2.6GW of battery storage. NEE would build the generation and BIP

would finance the data center itself (could also finance the chips) and lease the land.

AI Hubs Becoming Preferred Development Model — During our callback, mgmt.