Spanish construction and engineering group ACS confirmed on Monday that it will allocate around 1.8 billion euros to new digital infrastructure projects that span data centres, semiconductor-related facilities and infrastructure linked to artificial intelligence.
The company said the financing plan has two principal components. First, ACS intends to carry out a capital increase equivalent to about 2% of its share capital. That share sale is planned to be executed through an accelerated bookbuilding process. At current market prices, ACS said the proposed transaction would be worth in excess of 700 million euros.
Second, ACS will make use of 1.1 billion euros arising from the termination of two equity swaps the company had previously entered into. Those swaps were agreed with CaixaBank and the Spanish arm of Societe Generale, and the company will reallocate the proceeds from their termination to the digital infrastructure programme.
The firm also noted that its principal shareholders have committed to participate in the equity offering. Florentino Perez, acting through his vehicle Rosan Inversiones, together with Spanish holding company Criteria, said they would subscribe in the stock offering in order to maintain their existing ownership positions in ACS.
The announced investment targets assets central to the digital economy, including large-scale computing facilities and sites tied to chip manufacturing and AI workloads. ACS framed the move as a focused allocation of capital toward these types of projects while specifying the funding mechanisms it will use.
The company provided the valuation reference for the share sale based on current market levels and identified the two equity swaps with CaixaBank and Societe Generale as a separate funding source. It also disclosed the stated intention of its major shareholders to take part in the capital increase to keep their ownership shares intact.
No additional operational details, construction timetables or project locations were provided in the announcement. The financing outline set out the immediate funding sources and the involvement of institutional counterparties and shareholders.