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Investing.com -- Spanish construction giant ACS is close to finalizing an agreement with BlackRock's Global Infrastructure Partners (GIP) that would see the U.S. fund manager acquire a 50% stake in ACS' Digital & Energia unit for €1 billion, according to Spanish business press reports.
The potential partnership, which aligns with earlier reporting by El Economista in late September, could be officially announced at the data centre investor day on Friday.
The alliance reportedly aims to invest €23 billion, comprising €5 billion in equity and €18 billion in debt, though the timeframe for these investments was not specifically detailed in the reports.
GIP has previously partnered with ACS, holding a 24% stake in Saeta Yield and 49% in Bow Power. The fund also maintains a presence in the U.S. data center market.
ACS has experienced strong share price performance recently, driven largely by its subsidiary Hochtief's technological construction activities and ACS's plans to deploy equity in these areas. The company appears to be shifting its peer group from traditional infrastructure developers toward more data-center-oriented companies, potentially leading to a market revaluation.
The imminent agreement with GIP would add credibility to ACS's digital infrastructure development strategy.
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