BlackRock’s Global Infrastructure Partners (GIP) has agreed to acquire a 50 percent stake in Spain’s ACS Digital & Energy division for a total transaction value of €23 billion ($26.8 billion). The deal, announced on November 13 2025, will be financed with approximately €5 billion of equity and €18 billion of debt, giving GIP a controlling interest in ACS’s data‑center and energy‑related assets.
The transaction is still unconfirmed by either party; both ACS and GIP declined to comment at the time of reporting. The lack of official confirmation means the deal remains a reported partnership rather than a finalized transaction.
Strategically, the partnership aligns with GIP’s focus on high‑growth infrastructure sectors driven by artificial‑intelligence workloads. ACS brings deep expertise in real‑estate development and construction, while GIP contributes capital, investment‑management capabilities, and a global network of data‑center operators. Together, they aim to accelerate the development of new, high‑density data‑center facilities across Europe.
The European data‑center market is expanding rapidly, with AI and digital services creating a surge in demand for compute capacity. However, developers face challenges such as limited power availability, permitting hurdles, and land constraints. By combining ACS’s local construction know‑how with GIP’s financial muscle, the partnership seeks to overcome these headwinds and capture a larger share of the growing market.
For BlackRock, the deal expands GIP’s portfolio into a sector that is expected to grow at a secular rate far above traditional infrastructure. For ACS, the partnership provides access to significant capital and investment expertise, enabling it to scale its Digital & Energy unit faster than it could independently. The transaction also places the unit’s valuation well above ACS’s own target range of €3‑5 billion by 2030, reflecting strong investor appetite for AI‑driven data‑center assets.
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