BlackRock appears to be making a major move into data centers. Expansion reported Thursday, citing unnamed market sources, that Spain’s ACS is close to finalizing a €23 billion ($26.8 billion) partnership with BlackRock’s Global Infrastructure Partners to develop data centers.

Under this agreement, the U.S. asset manager GIP is set to take a 50% stake in the ACS Digital & Energy unit, Expansion said, consisting of €5 billion in equity capital — to be contributed progressively — and €18 billion in debt.

ACS, Actividades de Construcción y Servicios, S.A. (ACS) is a leading Spanish infrastructure and construction company headquartered in Madrid. Founded in 1997 through the merger of OCP Construcciones and Ginés Navarro Construcciones, the company operates across construction, concessions, and services.

With a workforce of over 120,000 and a presence in more than 20 countries, ACS undertakes large-scale civil engineering projects, including highways, railways, airports, industrial facilities, and data centers. Its operations also extend to services supporting the built environment, making it a diversified player in both traditional construction and infrastructure management.

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In recent years, ACS has expanded its global reach, especially in North America and Australia, while pivoting toward next-generation infrastructure, such as energy transition projects, digital services, and transport concessions. This strategic shift positions ACS not only as a traditional builder but also as a developer and operator of high-value, modern infrastructure projects. Its growing backlog of projects and international footprint underscore its influence in the global construction sector.

ACS had targeted its data center business to reach a valuation of between three billion and five billion euros by 2030.

Global Infrastructure Partners (GIP), now part of BlackRock, is a leading global infrastructure investment firm that focuses on equity and debt investments across transport, energy, digital, and water/waste sectors. Following its integration with BlackRock in 2024, GIP manages approximately $170 billion in assets and holds more than 300 active investments in over 100 countries.

The firm is known for acquiring complex infrastructure assets and applying operational improvements to generate long-term value for investors. Its global reach and diversified portfolio make it a major player in infrastructure finance and private markets.

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The merger with BlackRock has strengthened GIP’s access to capital, institutional relationships, and scale in infrastructure investing. Its investment strategy prioritizes long-term structural trends such as decarbonization, renewable energy, and digital infrastructure expansion, positioning the firm to benefit from global economic growth and the transition to sustainable infrastructure. This combination of financial resources and operational expertise has made GIP a leading platform in global infrastructure investment.

The reported partnership between BlackRock’s Global Infrastructure Partners (GIP) and ACS marks a significant strategic move for both companies, particularly in the rapidly growing data center and digital infrastructure sector. This collaboration allows ACS to scale its digital and energy projects more aggressively, aiming for a $3.2–5.4 billion valuation for its data center business by 2030.

For BlackRock, the deal strengthens its infrastructure footprint in Europe and globally, diversifying its portfolio into next-generation digital assets that align with long-term investment trends like cloud computing, decarbonization, and renewable energy integration. The partnership exemplifies how major asset managers and construction leaders can combine operational expertise and financial resources to shape the future of sustainable, high-value infrastructure development.