A groundbreaking partnership is reshaping the global data centre landscape — but not everyone agrees on what it means for the industry’s future. Slaughter and May has taken a lead advisory role for Global Infrastructure Partners (GIP), part of the BlackRock family, as GIP joins forces with ACS Group (ACS) to launch a 50:50 joint venture focused on developing and operating next-generation data centres around the world.
This new venture isn’t just another infrastructure deal — it’s a strategic move reflecting the massive global demand for digital connectivity and secure data storage. The partnership will form a cutting-edge development platform built upon ACS’s existing 1.7-gigawatt portfolio of data centre projects currently underway across Europe, the United States, and Australia. Together, these projects create one of the most ambitious pipelines in the global market. But here's where it gets particularly interesting — or even a bit controversial — the assets involved are valued at approximately €2 billion on a 100% basis.
That impressive valuation includes a cash payment of about €1 billion and potential earn-outs reaching another €1 billion, depending on whether certain commercial performance milestones are met. There’s also room for further growth: an additional earn-out of up to €200 million could be unlocked through new pipeline opportunities now being assessed. This creative structure signals confidence in the venture’s long-term potential, but it also raises an important question — how much risk is too much when entering such a fast-evolving sector?
Slaughter and May’s role goes beyond basic legal counsel. The firm is coordinating with Vinson & Elkins LLP, which advises GIP on the U.S. legal and regulatory aspects of the transaction — a collaboration that shows just how global and complex deals of this magnitude have become.
The advisory work bridges several key practice areas: Corporate, Real Estate and Projects, Competition, Employment and Incentives, and Tax. This multidisciplinary engagement reflects the intricate network of legal, financial, and operational challenges that come with managing infrastructure at this scale.
What do you think — will this joint venture set a new benchmark for international data centre collaboration, or does it highlight the growing consolidation of power among global infrastructure giants? Drop a comment below and share your take on whether this move represents healthy innovation or a deeper concentration of influence in the digital economy.
