ACS close to €23 billion deal with BlackRock’s GIP for data centers

Spain-based construction and infrastructure group ACS Group is getting close to a €23 billion ($26.8 billion) data center development agreement with BlackRock’s Global Infrastructure Partners (GIP). The deal would offer U.S. asset management GIP a 50% share in ACS’s Digital & Energy division, in light of the growing demand for AI infrastructure.

On Thursday, the Spanish financial newspaper Expansión reported that the deal will consist of €18 billion in debt and €5 billion in share capital that will be provided gradually.  

According to the report, ACS aimed to have a data center company worth between €3 and €5 billion. The report claimed that the alleged partnership with GIP would place ACS at the high end of that range.

ACS, GIP, and Daikin expand AI infrastructure

According to  Expansión newspaper, the Spanish construction company intends to revise its data center strategy during an investor day on Friday. 

Earlier this year, ACS planned to sell its stake in the data center business to GIP. According to El Economista report, ACS is in advanced talks to offer GIP, a 50% share in its data center and energy platform. According to the report, as a result of the agreement, ACS could secure more than €1 billion ($1.16 billion) from the stake sale.

Last month, the consortium comprising MGX, BlackRock’s Global Infrastructure Partners (GIP), and the Artificial Intelligence Infrastructure Partnership (AIP) announced a $40 billion acquisition of U.S. data center startup Aligned, with about 80 locations to secure coveted artificial intelligence (AI) computing capacity.

Cryptopolitan reported that the consortium revealed that it will acquire Aligned Data Centers from Macquarie Asset Management and other co-investors. According to the report, the consortium intends to establish Aligned Data Centers as a key component of next-generation compute infrastructure to enable large-scale AI workloads throughout North and Latin America.

“With this investment in Aligned Data Centers, we further our goal of delivering the infrastructure necessary to power the future of AI.”

– Larry Fink, CEO of BlackRock.

Notably, AIP intends to invest $30 billion in stock, with the potential to add debt, aiming for a total of $100 billion. The investments are designed to support the global expansion of digital capacity.

Ahmed Yahia Al Idrissi, Managing Director and Chief Executive of MGX and Vice Chairman of AIP, stated that the acquisition of Aligned is a crucial milestone in AIP’s strategy to invest $30 billion in equity and develop global AI infrastructure. 

The Consortium stated that the investment will provide Aligned Data Centers with the funds and strategic support to accelerate expansion. 

On August 6, Daikin Applied announced the completion of the acquisition of DDC Solutions, a San Diego-based manufacturer of ultra-high-density cooling cabinets and data center management software.

According to the announcement, the purchase shows Daikin Applied’s dedication to offering comprehensive data center cooling solutions and adds in-room, rack-level white space cooling solutions to the company’s data center-focused portfolio. DDC Solutions revealed that the company will function as a subsidiary of Daikin Applied.

Additionally, the entire executive team of DDC Solutions will continue in their current positions.

ACS-GIP deal shows global AI infrastructure boom

Spain’s ACS partnership with GIP to develop data centers comes amid a boom in AI infrastructure in the UAE and globally.

As previously reported by Cryptopolitan, G42, an Abu Dhabi-based technology holding company focused on artificial intelligence (AI) and cloud computing, partnered with SoftBank Group, OpenAI, Oracle, and Nvidia to establish Stargate UAE, a one-gigawatt computer cluster, in May. The Stargate UAE will function in the emirate’s 5GW UAE-US AI Campus.

According to the report, G42 data center campus will use Nvidia’s Grace Blackwell GB300 systems, which make up around 20% of the complex’s overall scope. The G42 data center is anticipated to launch in 2026.

Last month, Morgan Stanley estimated that major tech companies will invest $400 billion in AI infrastructure this year. 

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