Published by Global Banking & Finance Review®
Posted on November 13, 2025
2 min readLast updated: January 21, 2026
Add as preferred source on GoogleACS and BlackRock are nearing a $27 billion partnership to develop data centres, driven by high demand for AI infrastructure. GIP will acquire a 50% stake in ACS Digital & Energy.
MADRID (Reuters) -Spain's ACS is close to striking a 23 billion euro ($26.8 billion) partnership with BlackRock's Global Infrastructure Partners to develop data centres, newspaper Expansion reported on Thursday, citing unnamed market sources.
Under this agreement, the U.S. asset manager GIP is set to take a 50% stake in the ACS Digital & Energy unit, Expansion said, consisting of 5 billion euros in equity capital - to be contributed progressively - and 18 billion euros in debt.
ACS and BlackRock declined to comment, while GIP did not immediately respond to Reuters' requests for comment.
The report comes as surging demand for AI computing and limited power capacity is driving valuations for digital infrastructure to record levels.
ACS had targeted its data centre business to reach a valuation of between 3 billion and 5 billion euros by 2030. The reported partnership with GIP would price it at the high end of that range.
The Spanish construction company is set to update its data centre strategy at an investor day on Friday.
GIP, which manages more than $180 billion in assets globally, last month participated in the $40 billion acquisition of U.S. data centre firm Aligned along with Microsoft and Nvidia.
Major tech companies are on track to spend $400 billion on AI infrastructure this year, according to Morgan Stanley estimates.
($1 = 0.8575 euros)
(Reporting by David Latona; Additional reporting by Corina Pons; Editing by Jesús Aguado and Louise Heavens)
A partnership is a business arrangement where two or more individuals or entities manage and operate a business together, sharing its profits and losses.
Valuations are assessments of the worth or value of an asset, company, or investment, often used to determine pricing for sales or investments.
Infrastructure refers to the fundamental facilities and systems serving a country, city, or area, including transportation, communication, and utilities.
Investment is the act of allocating resources, usually money, in order to generate income or profit, often involving the purchase of assets.
Technology in finance, often referred to as FinTech, involves the use of technology to improve and automate financial services and processes.
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