Spain’s ACS is in talks with BlackRock’s Global Infrastructure Partners for a 23 billion euro deal to develop data centers. BlackRock’s GIP would take a 50% stake in ACS Digital & Energy unit, with 5 billion euros in equity and 18 billion euros in debt. Demand for AI computing is soaring, boosting digital infrastructure valuations.

ACS aims to value its data center business at 3-5 billion euros by 2030, with the reported partnership potentially placing it at the higher end. An investor day on Friday will reveal ACS’s updated data center strategy. GIP, managing over $180 billion in assets, recently joined a $40 billion deal for US data center firm Aligned with Microsoft and Nvidia.

Tech giants are projected to spend $400 billion on AI infrastructure this year, according to Morgan Stanley.($1 = 0.8575 euros)

Read more at Yahoo Finance: ACS, BlackRock to seal $27 billion data centre deal, report says