BlackRock forms EUR2B data center joint venture with ACS Group

ACS Group and Global Infrastructure Partners, a part of BlackRock (BLK), 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. Upon closing, the new data center development platform will consist of ACS’s existing 1.7 GW portfolio of data center assets under development across Europe, the United States, and Australia. The transaction values these assets (on 100% basis) at approximately EUR2B, consisting of a cash payment of approximately EUR1B, plus initial earn-outs of up to EUR1B, contingent on achieving predefined commercial milestones. An additional earn-out of up to EUR 200 million may also be earned from additional pipeline projects currently under analysis. In addition to the existing portfolio of assets contributed by ACS to the platform, ACS is reviewing a pipeline of potential projects exceeding 11 GW across North America, Europe, and Asia Pacific.