Alphabet secures $4.75 billion Intersect deal to make sure its data centers have enough energy

• Google will buy Intersect Power for $4.75 billion after investing $800 million in 2024
• Intersect will continue to operate separately, with its existing "world-class" team
• Some California and Texas assets aren't included, will form a new company

Alphabet has announced the acquisition of Intersect Power for $4.75 billion in cash to help support the company's data center strategy by adding more power generation to the company's portfolio.

Alphabet already has a minority stake in the company following around $800 million in funding earlier in 2024, but its full takeover is expected to complete in the first half of 2026.

In an announcement, Google's parent company described Intersect's team as "world-class," adding that the workers would be retained under its new ownership.