The European Commission approved a joint venture between ACS, Telefónica, Banco Santander, and the Sociedad Española para la Transformación Tecnológica on August 20, 2026. This new entity will bid for the European Union's strategic AI gigafactory initiative.
The Spanish Council of Ministers authorized a 719 million euro investment through the SETT, also known as SEPI Digital. The three private partners each hold 15.67% of the capital, totaling 47%, with proposed sites in Tarragona and San Fernando de Henares.
Regulators cleared the deal under simplified merger procedures, citing no competition concerns. The project is a key component of the EU's technological sovereignty strategy, utilizing funds from the Ministry for Digital Transformation and Civil Service.