Investing.com — Google’s parent Alphabet announced Monday it has reached a definitive agreement 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 owns a minority stake in Intersect from a previous funding round. The acquisition aims to enable more data center and generation capacity to come online faster while accelerating energy development and innovation.
The deal includes Intersect’s team and multiple gigawatts of energy and data center projects currently in development or under construction from its existing partnership with Google. Intersect will explore emerging technologies to increase energy supply while supporting Google’s U.S. data center investments to meet Cloud customer demand.
Under the agreement, Intersect’s operations will remain separate from Alphabet and Google, continuing under the Intersect brand with Sheldon Kimber as leader. The company will work closely with Google’s technical infrastructure team on ongoing and new joint projects, including their first co-located data center and power site being built in Haskell County, Texas.
Intersect’s existing operating assets in Texas and its operating and in-development assets in California will not be included in the acquisition. These assets will continue to operate as an independent company, backed by investors TPG Rise Climate, Climate Adaptive Infrastructure, and Greenbelt Capital Partners.
“Intersect will help us expand capacity, operate more nimbly in building new power generation in lockstep with new data center load, and reimagine energy solutions to drive US innovation and leadership,” said Sundar Pichai, CEO of Google and Alphabet.
Sheldon Kimber, founder and CEO of Intersect, stated: “Intersect has always been focused on bringing innovation to the industry and we look forward to accelerating at scale as part of Google. Modern infrastructure is the linchpin of American competitiveness in AI. We share Google’s conviction that energy innovation and community investment are the pillars of what must come next.”
The transaction is subject to customary closing conditions and is expected to close in the first half of 2026.
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