BlackRock Strikes €2B AI Infrastructure Deal With Spain’s ACS to Build Global AI and Cloud Data Centers

BlackRock is pushing deeper into the AI infrastructure buildout through its Global Infrastructure Partners (GIP) unit, striking a €2 billion deal with Spain’s ACS to launch a new data center platform aimed at hyperscalers and AI companies racing to secure more compute. GIP, which BlackRock acquired earlier this year, will co-own the venture and help finance a multi-gigawatt development pipeline across Europe, the U.S., and Australia — a major step in the asset manager’s effort to anchor itself at the center of the AI and cloud build boom.

ACS said the two companies will each hold a 50% stake in the joint venture. The structure gives ACS a €100 million capital gain and brings in a heavyweight partner capable of backing multi-gigawatt buildouts across multiple continents.

In a release announcing the joint venture, the company said: “ACS Group and Global Infrastructure Partners (GIP), a part of BlackRock, have entered into an agreement to form a 50-50 joint venture dedicated to developing and operating next-generation data centers worldwide. The new platform combines ACS’s advanced global technology capabilities and industrial expertise with GIP’s investment leadership to deliver end-to-end, global solutions for hyperscalers, AI companies and enterprises seeking rapid, scalable, and sustainable data centers.” 

Bloomberg also confirmed the deal, reporting: “BlackRock Inc. has agreed to pay up to €2 billion ($2.33 billion) to form a data center venture with Spanish engineering firm ACS SA. Under the terms, BlackRock’s Global Infrastructure Partners will pay about €1 billion upfront and the rest as a variable payment linked to milestones with each company owning 50% of the new venture, according to a statement from ACS Friday. ACS will transfer assets for the development of 1.7 gigawatts in data centers to the venture, it said.”

BlackRock Forms €2B Data Center Venture With ACS to Power the Global AI Boom

The new platform will inherit ACS’s current development pipeline across Europe, the U.S., and Australia. These projects were already gaining momentum as ACS shifted its strategy toward digital infrastructure, recognizing the surge in demand coming from AI training clusters, cloud expansion, and enterprise workloads moving off-prem.

ACS said it is reviewing a broader pipeline of more than 11 gigawatts across North America, Europe, and Asia-Pacific. Those prospects will feed into the venture as projects mature. Under the agreement, the partners expect to invest roughly €1 billion upfront, with up to another €1 billion tied to commercialization milestones.

ACS CEO Juan Santamaría called the partnership a major step in the company’s digital infrastructure strategy, saying, “This agreement is a decisive step in our strategy to lead the digital infrastructure sector globally. By joining forces with GIP, we are combining ACS’s development, engineering, and construction expertise with the deep investment capacity and industry experience of one of the world’s leading infrastructure investors. Together, we are uniquely positioned to meet the surging demand for AI and cloud computing with comprehensive, sustainable solutions.”

GIP Chairman and CEO Bayo Ogunlesi echoed that outlook. “As AI continues to reshape many sectors of the global economy, today’s announcement will allow us to continue to support innovation at scale. GIP has a longstanding and deep relationship with ACS and together we are committed to building the infrastructure required for the growth of cloud and AI investment and support transformative growth.”

ACS added that another contingent payment of up to €200 million could materialize from projects under evaluation. The company says it has already built more than 5.5 gigawatts of data center capacity — giving the new venture a sizable foundation as global demand accelerates.

Reports from the Spanish newspaper Expansión suggested earlier this week that the two companies were close to finalizing a deal. The outlet estimated the partnership could reach €23 billion when factoring in equity contributions rolled out over time and roughly €18 billion in associated debt.

For BlackRock, this deal strengthens its push into physical AI infrastructure, an area where investment is intensifying as chip shortages, power constraints, and data center capacity gaps ripple across the industry. For ACS, it marks a shift from builder to global development partner, positioning the company closer to the heart of the AI boom.