Alphabet will acquire Intersect, a data centre and energy infrastructure company, for $4.75 billion in cash plus debt assumption.

Google already holds a minority stake in Intersect.

The acquisition will accelerate data centre and energy capacity deployment, leveraging Intersect’s team and multiple gigawatts of projects under development or construction, including partnerships with Google.

Intersect will operate independently under its brand, led by Sheldon Kimber, while collaborating with Google on ongoing and future projects, including a co-located data centre and power site in Haskell County, Texas.

Existing Texas and California assets remain independent, supported by current investors.

"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. We look forward to welcoming Sheldon and the Intersect team," said Sundar Pichai, CEO of Google and Alphabet.

"Intersect has always been focused on bringing innovation to the industry and we look forward to accelerating at scale as part of Google," said Sheldon Kimber, founder and CEO, Intersect.

"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."