Alphabet To Acquire Intersect For $4.75 Bln To Boost Data Center And Energy Infrastructure
(RTTNews) - Alphabet announced that it has agreed to acquire Intersect, a provider of data center and energy infrastructure solutions, for $4.75 billion in cash plus the assumption of debt. Google already holds a minority stake in Intersect from a previously announced funding round.
The acquisition includes Intersect's team and multiple gigawatts of energy and data center projects currently in development or under construction through its partnership with Google. Intersect will also explore emerging technologies to expand and diversify energy supply, supporting Google's U.S. data center investments to meet growing demand from Cloud customers and users.
Intersect will continue operating under its own brand, led by CEO Sheldon Kimber. The company will collaborate closely with Google's technical infrastructure team on ongoing and new joint projects, including their first co-located data center and power site now under construction in Haskell County, Texas.
Notably, Intersect's existing operating assets in Texas and its operating and in-development assets in California are excluded from the acquisition. These assets will remain independent, supported by investors TPG Rise Climate, Climate Adaptive Infrastructure, and Greenbelt Capital Partners. Intersect has assured customers of a seamless transition and uninterrupted service for those projects.
The transaction is subject to customary closing conditions and is expected to be completed in the first half of 2026.
