Meta picks Pimco, Blue Owl in $29-bn deal

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- CARMEN ARROYO, LAURA BENITEZ & KURT WAGNER

META PLATFORMS HAS selected Pacific Investment Management and Blue Owl Capital to lead a $29 billion financing for its data center expansion in rural Louisiana as the race for artificial intelligence infrastructure heats up, according to people with knowledge of the matter. Pimco is expected to lead a $26 billion debt portion of the financing, while Blue Owl is providing $3 billion of equity, said the people, who asked not to be identified because the discussions are private. The debt portion is likely to be issued in the form of investment-grade bonds backed by the data center's assets, they said.