Slaughter and May is advising Global Infrastructure Partners (GIP), a part of BlackRock, on its creation of a 50:50 joint venture with ACS Group (ACS) which will be dedicated to developing and operating next-generation data centres worldwide.
The new data centre development platform will consist of ACS’s existing 1.7 GW portfolio of data centre assets under development across Europe, the United States, and Australia. The transaction values these assets (on 100% basis) at approximately €2 billion, consisting of a cash payment of approximately €1 billion, plus initial earn-outs of up to €1 billion, contingent on achieving predefined commercial milestones. An additional earn-out of up to €200 million may also be earned from additional pipeline projects currently under analysis.
Slaughter and May is working closely with Vinson & Elkins LLP, who are advising GIP on the US aspects of the transaction.