Private equity firm BC Partners said it would turn the data center portfolio it acquired from CenturyLink (CTL.N) for $2.8 billion on Tuesday into a new technology company called Cyxtera Technologies.

Cyxtera will be the latest private equity-backed company looking to take advantage of U.S. businesses’ burgeoning demand to have their data hosted and connected to the Internet, which has raised valuations in the data center space.

Earlier this year, Digital Bridge Holdings LLC, a private firm that invests in data centers, agreed to acquire Vantage Data Centers Management Co LLC from buyout firm Silver Lake Partners for more than $1 billion.

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