MADRID, Nov 13, 2025 – Spanish construction giant ACS (ACS.MC) is reportedly close to finalizing a 23 billion euro ($26.8 billion) partnership with BlackRock’s Global Infrastructure Partners (GIP) to expand its digital and energy infrastructure, according to Spanish newspaper Expansion, citing unnamed market sources.
Under the agreement, GIP is expected to acquire a 50% stake in ACS’s Digital & Energy unit, providing 5 billion euros in equity capital to be injected gradually and 18 billion euros in debt financing. The deal positions ACS to capitalize on the surging global demand for AI and cloud computing infrastructure.
Strategic Importance of the Deal
The partnership aligns with growing market trends, as AI-driven computing workloads and enterprise demand are putting unprecedented pressure on digital infrastructure. Limited power capacity and the need for high-performance data centers have driven valuations for these assets to record levels.
ACS had previously targeted a valuation range of 3 billion to 5 billion euros for its data center business by 2030. The reported deal with GIP would place it at the upper end of that spectrum, signaling strong investor confidence in the company’s growth prospects.
The Spanish construction firm plans to update its data center strategy during an investor day scheduled for Friday, which could provide further details on the roadmap for expansion and technological innovation.
Global Context and Market Implications
GIP manages over $180 billion in assets globally and has been actively investing in data center infrastructure. Last month, GIP participated in the $40 billion acquisition of U.S. data center operator Aligned, alongside major tech players Microsoft and Nvidia, underscoring the strategic importance of data center assets in supporting AI and cloud computing workloads.
Analysts note that major technology companies are projected to spend roughly $400 billion on AI infrastructure in 2025, highlighting the rapidly growing need for scalable, energy-efficient data centers capable of handling increasingly complex AI models.
The deal between ACS and GIP also reflects the broader trend of infrastructure-focused private equity investmentin high-value digital assets, particularly in regions where energy efficiency and local expertise are critical for long-term AI deployment.
Potential Impact on the Industry
If finalized, this partnership will significantly strengthen ACS’s position in the European digital infrastructure market, providing access to substantial capital for expansion and the ability to compete with global data center leaders.
Market observers note that combining ACS’s construction and engineering capabilities with GIP’s financial backing and global infrastructure expertise could create a blueprint for next-generation AI-ready data centers. This is especially relevant as governments, enterprises, and tech firms increasingly demand secure, high-capacity facilities to support AI workloads and cloud computing operations.
The ACS-GIP partnership highlights a major strategic move in Europe’s digital infrastructure sector, combining local engineering expertise with global investment power. As AI adoption continues to accelerate, deals like this are expected to reshape the competitive landscape for data centers, boosting both capacity and technological sophistication in the market.
