ACS Group and Global Infrastructure Partners (GIP), a BlackRock company, have agreed to form a joint venture (JV) to develop and operate data centres across multiple international markets.
The 50-50 partnership will launch with an initial portfolio of 1.7 gigawatts (GW) in data centre assets currently under development by ACS in Europe, the US, and Australia.
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The transaction values this portfolio at approximately €2bn ($2.3bn), split between an upfront cash payment of about €1bn and initial earn-outs of up to €1bn, subject to certain commercial milestones.
Furthermore, an earn-out of up to €200m may be triggered by further pipeline projects under review.
The JV agreement is contingent on receipt of all the necessary regulatory approvals.
GIP chairman and CEO Bayo Ogunlesi said: “As AI continues to reshape many sectors of the global economy, today’s announcement will allow us to continue to support innovation at scale.
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By GlobalData“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.”
The platform’s operational model will be based on full-lifecycle project delivery provided by ACS Group subsidiaries, covering land acquisition, permitting, design, build, commissioning, and operations.
The collaboration aims to address the needs of hyperscale clients and enterprise AI workloads seeking rapid deployment, grid interconnection, renewable energy sources, and modular data centre architecture.
ACS Group CEO Juan Santamaría said: “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.”
ACS Group is currently assessing a potential project pipeline exceeding 11GW across North America, Europe, and Asia Pacific regions.
The group has previously constructed over 5.5GW of data centre capacity through affiliates including Turner Construction Company (and its Dornan Group division) and Leighton Asia.
GIP invests in large-scale digital infrastructure and expects the partnership to extend its reach within data centre markets globally.
In October 2025, a consortium comprising the Artificial Intelligence Infrastructure Partnership (AIP), MGX, and GIP agreed to acquire Aligned Data Centers in a deal valuing the company at approximately $40bn.
