Milbank LLP advised Polaris Technology Inc., an infrastructure provider that designs, builds and operates custom and high-quality data centers in the United States, in connection with the sale of Polaris DS LLC, which has contracted 440 MW of gross power under an energy agreement with Oklahoma Gas & Electric and is actively being utilized, to Core Scientific, Inc. (Nasdaq: CORZ).
The acquisition is part of Core Scientific’s multi-tiered strategy to scale its Muskogee, Oklahoma campus to approximately 1.5 GW of gross power, or approximately 1.0 GW of leasable power. The acquisition is expected to accelerate the company’s timeline for delivering significant new capacity for future customers in Muskogee, and construction has already begun on a second, unleased 82.5 MW building, with initial delivery expected in the fourth quarter of 2027.
The transaction, subject to customary regulatory approvals and closing conditions, is expected to close in the third quarter of 2026.
The Milbank team was led by Global Corporate/M&A partner and co-head of Milbank’s Global Infrastructure practice John Franchini and Global Corporate/M&A partner Daniel P. Tyrrell with associates Ashley Kemper and Lisa Koo and law clerks Madison Card and Nick Curcio. The team also included Global Project, Energy and Infrastructure Finance partners and co-chairs of Milbank’s Digital Infrastructure Practice Group Dan Bartfeld and Jaime Ramirez; Tax partner Max Goodman; Transportation and Space partner Patrick Campbell and associate Alexander Chan; Real Estate special counsel David Groman and associate Julianne Guzman; Executive Compensation and Employee Benefits partner Kelly Bartley; Intellectual Property special counsel John Garces; Environmental partner Thomas Goslin; Antitrust partner Adam Di Vincenzo and associate John Ceccio; and Global Project, Energy and Infrastructure Finance partner Jenna McGrath.
