Madrid, Spain, November 13, 2025- Spanish construction group ACS is reported to be close to a deal with Global Infrastructure Partners (GIP), the infrastructure investment arm affiliated with BlackRock, to jointly carve out and build up a data centre and energy business valued at approximately EUR 23 billion (USD 24.93 billion), according to multiple market sources.
Under the terms described in media reports, GIP would inject EUR 5 billion in equity, with an additional EUR 18 billion (USD 19.51 billion) in debt financing, to acquire a 50% stake in ACS’s “Digital & Energy” division.
In parallel, ACS and GIP are said to be setting up a 50:50 joint venture to roll out an initial EUR 2 billion (USD 2.17 billion) portfolio of data-centre assets, targeting about 1.7 GW of capacity in the first phase. The JV would draw on ACS’s existing global infrastructure footprint.
As of now, ACS and GIP have not publicly confirmed the terms of the broader EUR 23 billion (USD 24.93 billion) transaction, and the reports are based on unnamed sources.
If realised, the deal would mark one of the largest data-centre platform investments in Europe, reflecting surging interest from private infrastructure capital in large-scale, high-density digital-asset deployment. It also underscores GIP’s strategy to expand its global data-centre exposure, riding the wave of AI and cloud demand.
Industry observers say outreach by capital-intensive investors into the data-centre space reflects a broader trend: scaling compute infrastructure at pace while locking in long-term, mission-critical asset value. If the deal proceeds, ACS’s Digital & Energy unit could serve as a foundation for global expansion into high-growth markets.
