ACS and BlackRock Move Toward $27 Billion Data Centre Deal
Spain’s ACS is nearing a 23-billion-euro ($26.8 billion) partnership with BlackRock’s Global Infrastructure Partners to expand data centre development. Although the deal is not yet finalized, market sources indicate that both sides are moving toward a major agreement. Moreover, the arrangement arrives at a time when demand for AI computing is soaring, and limited power capacity continues to push valuations for digital infrastructure to record highs.
Under the potential agreement, GIP would acquire a 50% stake in ACS’s Digital & Energy division through a combination of equity and debt. Additionally, the deal structure reportedly includes 5 billion euros in equity capital to be contributed progressively, along with 18 billion euros in debt. While ACS and BlackRock have not provided public comments, expectations around the deal remain high due to the sector’s rapid growth.
ACS had previously targeted a valuation of 3 to 5 billion euros for its data centre business by 2030. Consequently, the proposed partnership places the division near the upper end of that range, reflecting broader market confidence in digital infrastructure expansion.
Sector Momentum Strengthens Global Activity
The surge in AI-related workloads is accelerating the need for new data centres across major markets. Furthermore, the availability of suitable power capacity remains limited, which pushes investors to secure large-scale infrastructure early. As a result, global firms are increasingly competing for assets that support next-generation computing environments.
GIP, which manages more than $180 billion in assets worldwide, recently participated in a major acquisition involving a U.S. data centre operator alongside major technology leaders. This momentum underscores the sector’s pace of consolidation and investment. In addition, major technology companies are expected to spend roughly $400 billion on AI infrastructure this year, according to industry estimates, further amplifying pressure on supply.
Looking Ahead to Strategic Updates
ACS is expected to update its data centre strategy during an investor event on Friday. Although details have not yet been released, the timing suggests that the company aims to align its long-term plans with ongoing negotiations. Moreover, the broader sector outlook remains strongly influenced by AI growth, rising power constraints, and global competition for high-capacity digital facilities.
With investment accelerating across regions, the potential agreement between ACS and BlackRock highlights the expanding importance of data centres in the evolving digital economy. Therefore, the outcome of this partnership may shape future infrastructure developments and signal wider shifts in how companies respond to AI-driven demand.
