Alphabet announced on Monday that it has agreed to acquire data center and energy infrastructure company Intersect in a deal valued at $4.75 billion in cash, including assumed debt. The move comes as major technology firms accelerate investment to expand the computing power and energy capacity required to support artificial intelligence development.
As part of the transaction, Alphabet will take ownership of Intersect’s portfolio of energy and data center projects, representing multiple gigawatts of capacity that are either under construction or still in development.
Alphabet said Intersect will continue to explore emerging technologies aimed at expanding and diversifying energy supply, while also supporting Google’s data center investments across the United States.
Despite the acquisition, Intersect will operate independently under its existing brand, separate from Alphabet and Google. The company’s current operating assets in Texas will remain intact, while its operating and in-development projects in California are excluded from the deal.
