Spain’s ACS is reportedly nearing a major partnership worth 23 billion euros ($26.8 billion) with BlackRock’s Global Infrastructure Partners (GIP) to build and operate data centres.
The proposed structure is predicted to see GIP acquire a 50% holding in ACS Digital & Energy. That stake would be secured through 5 billion euros in equity, which would be injected over time, alongside 18 billion euros in debt.
The potential agreement comes at a moment when strong demand for AI computing capacity, paired with limited energy availability, is pushing valuations for digital infrastructure higher than ever.
ACS had previously set a target valuation of between 3 billion and 5 billion euros for its data centre division by 2030. Reports suggest the partnership with GIP would place the business at the upper end of that target.
The construction group is expected to outline further details of its data centre expansion plans during an investor day scheduled for Friday.
GIP, which oversees more than $180 billion in assets globally, recently took part in the $40 billion acquisition of U.S.-based data centre operator Aligned, alongside Microsoft and Nvidia.
Tech companies worldwide are forecast to invest around $400 billion in AI-related infrastructure this year, according to estimates from Morgan Stanley.
