Spain’s ACS is edging toward one of the largest digital-infrastructure deals Europe has seen this year, moving close to a €23 billion partnership with BlackRock’s Global Infrastructure Partners (GIP) to build and scale a new data-center powerhouse.
The reported agreement, revealed by Expansion and still unconfirmed by the companies, comes at a moment when demand for AI computing is sending valuations for digital infrastructure to new highs and leaving construction firms, asset managers, and tech giants scrambling to secure what little available power remains across key markets.
Market sources cited by Expansion said the deal would give GIP a 50% stake in ACS Digital & Energy, supported by a complex capital stack consisting of €5 billion in equity — contributed in phases — and €18 billion in debt. The reported structure paints a clear picture of a partnership engineered to scale fast and limit financial exposure, particularly for ACS.
ACS had previously projected that its data-center business would reach a valuation between €3 billion and €5 billion by 2030. The new partnership places the business at the top end of that range immediately, reflecting how surging demand for AI infrastructure and scarce power availability have reshaped valuations across the sector.
A Capital Stack Built for Speed and Scale
The reported equity commitment — €5 billion, deployed progressively — signals a disciplined approach to expansion. Both firms can inject capital as projects hit key milestones, reducing early exposure and allowing the business model to adapt as infrastructure requirements evolve. This kind of phased equity contribution is common in large-scale digital infrastructure and energy projects, where costs can shift as land acquisition, power availability, and hyperscale tenant contracts are firmed up.
But the bigger story lies in the €18 billion debt component, which dominates the capital structure and effectively acts as the engine of scale. In today’s market, this kind of debt-heavy model resembles a classic project-finance or digital-REIT playbook: using infrastructure loans, revenue-backed facilities, and sustainability-linked financing to accelerate expansion without overburdening the parent company’s balance sheet.
This type of financing allows ACS to pursue aggressive data-center construction plans without assuming direct balance-sheet debt — crucial for a construction giant balancing multiple global projects. For GIP, the leverage amplifies returns while maintaining shared risk with a trusted developer.
Why the Valuation Landed at the High End
The aggressive capital stack also reflects a fast-moving global context. With Morgan Stanley estimating that major tech companies will spend $400 billion on AI infrastructure this year, the window for securing power, land, and long-term client agreements is rapidly narrowing. Digital infrastructure valuations have soared as a result, and firms with pipelines — even those still under development — now command premiums.
GIP is coming into the deal after participating last month in the $40 billion acquisition of U.S. data-center operator Aligned, alongside Microsoft and Nvidia. With more than $180 billion in assets under management, GIP has become one of the most active global players in digital infrastructure, and this partnership with ACS presents it with the opportunity to accelerate a European expansion that lines up with its broader portfolio.
ACS is expected to update its data-center plans at an investor day on Friday, a meeting that will likely focus on how this partnership transforms its growth trajectory. With valuations climbing and power restrictions tightening in markets from Ireland to the United States, Europe’s data-center sector has become a race against both time and grid capacity.
The company has been working to align itself with these market realities, and the potential GIP partnership suggests that ACS wants long-term exposure to digital infrastructure — but without committing the full weight of its own balance sheet to a sector that demands enormous upfront capital.
A Deal Shaped by Global AI Demand
The bigger backdrop is a reshaping of how data-center deals are structured globally. AI computing has created unprecedented demand for high-density facilities, and the bottleneck is no longer land or construction capacity, but power. That scarcity has pushed valuations upward and prompted construction companies like ACS to forge alliances with deep-pocketed infrastructure investors capable of mobilizing capital at scale.
The ACS–GIP structure — combining modest but strategic equity with massive, multi-layered debt — mirrors a broader shift in how markets are financing hyperscale expansion. Rather than building data centers project-by-project, firms are forming large platforms capable of delivering multiple facilities over several years, backed by global financing lines and long-term tenant commitments.
If finalized, the deal would place ACS among the continent’s most ambitious developers of AI-ready facilities, positioning the firm alongside global digital-infrastructure leaders like DigitalBridge, Brookfield, KKR, and GIP itself. And with ACS receiving a valuation at the very top of its previously projected range, the partnership signals investor confidence that Europe’s data-center pipeline — especially when paired with an established construction giant — holds long-term profitability despite power-grid constraints.
Surging AI demand has created what market analysts describe as the most intense global competition for data-center capacity in history.
