BlackRock is set to invest up to €2 billion (approximately $2.33 billion) to develop a data center venture with ACS, a Spanish engineering firm. According to a recent statement from ACS, the deal will see BlackRock’s Global Infrastructure Partners make an initial payment of around €1 billion, with the remainder to be paid based on the achievement of specific milestones. The two companies will equally own the new venture.
ACS plans to transfer its assets intended for the development of 1.7 gigawatts (GW) in data centers to this new partnership. Under the leadership of chairman Florentino Pérez, ACS is increasingly directing its focus towards data center construction as a lucrative avenue for high-margin earnings, especially in the U.S., where its Turner subsidiary stands as the largest construction firm. The company reported a remarkable 138% spike in orders for data center projects in 2024.
Turner is already engaged in significant data center developments, including projects for Meta Platforms in Indiana and CoreWeave in Pennsylvania. ACS is also active in constructing data centers globally through its various subsidiaries.
As AI spending continues to surge, data centers have become integral to many high-profile deals, especially since the rise of ChatGPT, as investors rush to capitalize on the technology’s transformative potential. Companies have flocked to infrastructure providers like Nvidia and SK Hynix, inflating valuations for startups such as OpenAI and Anthropic.
Recently, a consortium led by BlackRock announced its acquisition of Aligned Data Centers for a staggering $40 billion, marking one of the largest transactions in the data center sector. This initiative, which includes partners like Microsoft and MGX, was launched in September 2024 to accelerate investments in AI infrastructure.
The assets involved in the new venture will span locations in Europe, the U.S., and Australia. ACS is also evaluating a portfolio of potential assets across North America, Europe, and the Asia-Pacific region.
Florentino Pérez, who chairs ACS, is also known for his role as president of the Real Madrid football club.
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