Spain's ACS is close to striking a 23 billion euro (USD 26.8 billion) partnership with BlackRock's Global Infrastructure Partners to develop data centers, according to a report by newspaper Expansion, citing unnamed market sources.

Partnership Structure and Financial Details

Under the reported agreement, the U.S. asset manager GIP is set to take a 50% stake in the ACS Digital & Energy unit. The deal structure consists of 5 billion euros in equity capital to be contributed progressively and 18 billion euros in debt.

Market Context and Valuation

The report emerges as surging demand for AI computing and limited power capacity are driving valuations for digital infrastructure to record levels. ACS had previously targeted its data center business to reach a valuation of between 3 billion and 5 billion euros by 2030. The reported partnership with GIP would price the business at the high end of that range.

The Spanish construction company is scheduled to update its data center strategy at an investor day on Friday.

GIP's Recent Activities and Market Trends

GIP manages more than USD 180 billion in assets globally. Last month, the firm participated in the USD 40 billion acquisition of U.S. data center firm Aligned, alongside Microsoft and Nvidia.

According to Morgan Stanley estimates, major tech companies are on track to spend USD 400 billion on AI infrastructure this year.

Related Industry Developments

The potential ACS-BlackRock partnership comes amid broader activity in the data center sector. Microsoft and BlackRock recently announced plans to launch a USD 30 billion fund for AI infrastructure. Additionally, Meta is reportedly set to clinch nearly USD 30 billion in financing for a Louisiana data center site.

The BlackRock, Nvidia-backed group's USD 40 billion AI data center deal represents another significant transaction in the rapidly expanding digital infrastructure market.

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