Alphabet has agreed to acquire Intersect for $4.75 billion in cash, plus the assumption of debt. The transaction is subject to regulatory approvals and is expected to close in the first half of 2026.
The deal covers Intersect’s energy generation and data center infrastructure projects that are in development or under construction in the United States. Alphabet’s subsidiary Google already holds a minority stake in Intersect from a prior funding round.
Intersect will continue to operate as a separate business under its existing brand. Sheldon Kimber will lead the company following the transaction. Intersect will work with Google’s technical infrastructure team on existing and future joint projects, including a co-located data center and power project under construction in Haskell County, Texas.
The acquisition excludes Intersect’s existing operating assets in Texas and its operating and in-development assets in California. Those assets will remain under separate ownership with existing investors.