Spanish ACS Group and BlackRock’s GIP reach $26.8 billion data center cooperation agreement

ChainCatcher news, according to Spanish media Expansion, the Spanish ACS Group is close to reaching a cooperation agreement worth $26.8 billion with BlackRock's Global Infrastructure Partners (GIP) to develop data centers.

The agreement includes GIP joining ACS's Digital & Energy division with a 50% equity stake, which involves a gradual capital injection of 5 billion euros and 18 billion euros in debt. Amid surging demand for AI computing and limited power capacity, digital infrastructure valuations have reached new highs. ACS previously planned to raise the valuation of its data center business to between 3 billion and 5 billion euros by 2030, and this cooperation may push its valuation to the higher end of that range.

GIP manages over $180 billion in global assets and last month participated in the $40 billion acquisition of the US data center company Aligned together with Microsoft and Nvidia. Morgan Stanley estimates that major tech companies will spend $400 billion on AI infrastructure this year.