Spain’s ACS, Actividades de Construcción y Servicios (OTCPK:ACSAF) (OTCPK:ACSAY), is close to entering a €23B ($26.8B) partnership with BlackRock’s (BLK) Global Infrastructure Partners to develop data centers, Reuters reported, citing the newspaper Expansion, which cited unnamed market sources.
Under this agreement, GIP is set to take a 50% stake in the ACS Digital & Energy unit, the report noted, consisting of €5B in equity capital, to be contributed progressively, and €18B in debt.
ACS, BlackRock and GIP did not immediately respond to a request for comment from Seeking Alpha.
ACS had forecast its data center business to reach a valuation in the range of €3B to €5B by 2030. The reported partnership with GIP would price it at the high end of that range. The Spain-based construction company is expected to update its data center strategy at an investor day on Friday, the report noted.
Last month, an investment consortium that includes BlackRock announced it was acquiring Aligned Data Centers in a deal worth about $40B.
U.S. tech giants Alphabet (GOOG) (GOOGL), Amazon (AMZN), Microsoft (MSFT) and Meta Platforms (META) are spending billions of dollars to build AI infrastructure, and some have even raised their expectations for the next year as the AI race heats up.