Alphabet has announced a definitive agreement to acquire Intersect for $4.75 billion in cash along with the assumption of debt. Google already holds a minority stake in Intersect from a previous funding round. The transaction is expected to close in the first half of 2026 subject to standard closing conditions.
The acquisition is intended to speed up the development of data center and power generation capacity in the United States. Intersect brings a portfolio of energy and data center projects that are either under development or already under construction through its existing partnership with Google. The company will also work on emerging energy technologies to help diversify energy supply and support Google’s growing data center needs.
After the acquisition, Intersect will continue to operate as a separate business under its existing brand. It will be led by founder and CEO Sheldon Kimber and will work closely with Google’s technical infrastructure teams. This includes ongoing collaboration on joint projects such as a co located data center and power site currently under construction in Haskell County Texas.
Intersect’s operating assets in Texas along with its operating and in development assets in California are not included in the transaction. These assets will continue to function independently with support from existing investors including TPG Rise Climate Climate Adaptive Infrastructure and Greenbelt Capital Partners. Customers using these assets are expected to see no disruption in service.
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