Intersect to be Acquired by Alphabet for $4.75 Billion To Advance Energy Innovation

• Alphabet announced today that it has entered into a definitive agreement to acquire Intersect, which provides data center and energy infrastructure solutions, for $4.75 billion in cash, plus the assumption of debt.
• The acquisition will enable more data center and generation capacity to come online, faster, while accelerating energy development and innovation.
• Included in the transaction are Intersect’s world-class team and multiple gigawatts of energy and data center projects in development, or under construction, from its successful existing partnership with Google.
• Intersect’s operations will remain separate from Alphabet and Google under the Intersect brand.
• Intersect’s existing operating assets in Texas, and its operating and in-development assets in California, will not be part of the acquisition. Those assets continue to operate as an independent company.
• Orrick represented Intersect, a client since its inception, in this transaction.

THE COMPANY

Intersect delivers next generation infrastructure for data centers and other energy-intensive industries by co-locating industrial demand with dedicated gas and renewable power generation. Its approach delivers the fastest, cheapest, cleanest and most reliable energy and infrastructure solutions for its customers and the inevitable scale of what comes next. The company has $15 billion of assets in operation or under construction across the U.S. states.

THE IMPACT

The acquisition will augment Google’s ongoing commitment to partnering with utilities and energy developers across the sector to unlock abundant, reliable, affordable energy supply that enables the buildout of data center infrastructure without passing on costs to grid customers.

“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.”

THE TEAM

The deal team advising Intersect is led by David Gold, Matthew Gemello and Kristin Seeger.