Alphabet Completes $4.75 Billion Acquisition of Intersect Power

Cleary Gottlieb represented Alphabet’s acquisition of Intersect, which provides data center and energy infrastructure solutions, for $4.75 billion in cash, plus the assumption of debt.

The transaction was announced on December 22, 2025, and closed on March 10, 2026.

Google already owned a minority stake in Intersect from a previously announced funding round. The acquisition will enable more data center and generation capacity to come online faster while accelerating energy development and innovation.

Intersect’s operations will remain separate from Alphabet and Google under the Intersect brand and will be led by Sheldon Kimber. It will partner closely with Google’s technical infrastructure team, continuing work on in-development and new joint projects. This includes the companies’ first announced co-located data center and power site, under construction in Haskell County, Texas. 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 will also explore a range of emerging technologies to increase and diversify energy supply, while supporting Google’s U.S. data center investments to meet its Cloud customers’ and users’ demand.

Intersect’s existing operating assets in Texas, and its operating and in-development assets in California, were not part of the acquisition. Those assets continue to operate as an independent company, supported by existing investors TPG Rise Climate, Climate Adaptive Infrastructure, and Greenbelt Capital Partners. Intersect expects a seamless transition and service continuity for customers of those assets.

The Cleary M&A team includes partners Aaron Meyers and Glenn McGrory and associates Matthew Kelleher, Pierre Allegaert, Megha Vyas, Moliang Jiang, Keki Takahara, and Kacey Manlove. Partner Michael Albano and associates Emily Barry and Erin McKissick advised on executive compensation and employee benefits matters, with support from law clerk Phoenix Shaw. Partners Meyer Fedida, Maureen Linch, and Kylie Barza, and associates Samuel Kramer and Samuel Makikalli provided tax advice. Partner Daniel Ilan and associates Jaehwan Park, Natalie Curry, and Christine D’Alessandro advised on intellectual property and data privacy matters. The finance team includes partner Duane McLaughlin and associates Nicholas Pokas and Zhiyuan (Andy) Xie. Partner Beau Sterling and associate Madison Bush advised on environmental matters. Senior attorney James Corsiglia provided advice on anti-corruption matters. Partner Samuel Chang and associate Kerry Mullins advised on foreign investment matters. Partner David Herrington advised on litigation matters. Counsel Victor Chiu provided UCC assistance.