ACS and BlackRock Close In on Mega Data Center Partnership
Spain’s ACS is closing in on a €23 billion partnership with BlackRock’s Global Infrastructure Partners (GIP) to massively expand its data center business, according to reporting from Expansion.
The deal would give GIP a 50% stake in ACS’s Digital & Energy unit, combining €5 billion in phased equity investment with €18 billion in debt to fund new projects.
The valuation places the division at the upper end of ACS’s previously stated €3–€5 billion goal — years earlier than expected — reflecting how aggressively capital is flowing into AI-related infrastructure.
ACS plans to present its updated data center strategy at Friday’s investor day.
BlackRock and ACS declined to comment.
AI Infrastructure Boom Fuels Global Dealmaking
GIP, which oversees more than $180 billion in assets, has been scaling up exposure in digital infrastructure through major transactions. Last month, it joined Microsoft and Nvidia in a $40 billion acquisition of Aligned, a major U.S. data center operator.
These moves come amid an unprecedented surge in demand for AI compute capacity.
Morgan Stanley estimates major tech companies will spend over $400 billion this year on AI infrastructure alone — straining global power grids, land availability, and supply chains.
The ACS–GIP deal underscores how every layer of the global value chain — from real estate to utilities to construction — is now being pulled into the AI buildout.
WSA Take
This deal reinforces one of the biggest shifts we’re tracking: AI infrastructure has become a global industrial buildout, pulling in construction giants, utilities, sovereign funds, and private equity at massive scale.
A €23B partnership signals how quickly capital is reorganizing around compute, power, and real estate.
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