M&A Deal Summary

Google Acquires Intersect Power

On December 22, 2025, Google acquired information technology company Intersect Power from TPG, Trilantic North America, Greenbelt Capital Partners and Google for 4.8B USD

Acquisition Highlights
  • This is Google’s 12th transaction in the Information Technology sector.
  • This is Google’s 5th largest (disclosed) transaction.
  • This is Google’s 179th transaction in the United States.
  • This is Google’s 2nd transaction in Oregon.

M&A Deal Summary

Date 2025-12-22
Target Intersect Power
Sector Information Technology
Buyer(s) Google
Sellers(s) TPG
Trilantic North America
Greenbelt Capital Partners
Google
Deal Type Add-on Acquisition
Deal Value 4.8B USD

Target

Intersect Power

Beaverton, Oregon, United States
Intersect Power is an energy infrastructure company that develops, owns, and operates large-scale power and data center infrastructure solutions designed to supply reliable, low-carbon energy alongside industrial and data center loads. Intersect Power was founded in 2016 and is based in Beaverton, Oregon.

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Buyer(S) 1

Buyer

Google

Mountain View, California, United States

Category Company
Founded 1998
Sector Internet Software and Services
Employees190,234
Revenue 350.0B USD (2024)
DESCRIPTION
View of Google's corporate campus in Mountain View, California.
View of Google's corporate campus in Mountain View, California.

Google is a global provider of search and advertising services. In addition to its search engine, Google offers online tools and platforms including: Gmail, Google Apps, Google Maps, and YouTube. Google was incorporated in 1998 and is based in Mountain View, California.


DEAL STATS #
Overall 227 of 227
Sector: Information Technology M&A 12 of 12
Type: Add-on Acquisition M&A Deals 218 of 218
State: Oregon M&A 2 of 2
Country: United States M&A 179 of 179
Year: 2025 M&A 2 of 2
Size (of disclosed) 5 of 58
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-03-18 Wiz

New York, New York, United States

Wiz is a provider of cloud security to find critical risks and infiltration vectors with complete coverage across the full stack of multi-cloud environments. Wiz was formed in 2020 and is based in New York City.

Buy $32.0B

Seller(S) 4

SELLER

TPG

Fort Worth, Texas, United States

Investor Investor Investor Investor


Category Private Equity Firm
Founded 1992
PE ASSETS 296.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TPG Capital is a global, mega-sized private investment firm that manages a family of funds focused on private equity, real estate, venture capital, public equity and debt investing. TPG invests in opportunities across a broad range of industries and geographies. TPG generally seeks to invest in established businesses that can benefit from the Firm's operational experience and connections. Industries of interest include consumer, retail, healthcare, industrials, digital media, natural resources, energy, real estate, technology, and software. TPG was formerly known as Texas Pacific Group and was originally established in 1992 by David Bonderman, James Coulter and William Price. The Firm is based in Forth Worth, Texas with additional offices in Europe, Asia, and Australia.


DEAL STATS #
Overall 278 of 278
Sector: Information Technology M&A 12 of 12
Type: Add-on Acquisition M&A Deals 96 of 96
State: Oregon M&A 1 of 1
Country: United States M&A 200 of 200
Year: 2025 M&A 8 of 8
Size (of disclosed) 10 of 74
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-12-22 Conservice

River Heights, Utah, United States

Conservice is a utility and billing management company that provides software and service solutions for over 1.6 million units in the rental housing industry. Conservice’s unique services include sending each tenant in a housing unit a single bill that encompasses rent, utilities, and any extra charges. Conservice was founded in 2000 and is based in River Heights, Utah.

Buy -
SELLER

Trilantic North America

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2009
PE ASSETS 9.7B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Trilantic North America is a mega-sized private equity firm focused on opportunities throughout North America. Trilantic generally invests in large businesses with 'strong market positions, unique franchises, secure and growing market niches or distinctive products and services that command premium prices'. Sectors of interest include business services, consumer, energy, and financial services. The Firm's target investment size is $50 to $300 million in companies valued up to $1 billion. Transaction situations of interest include management buyouts, recapitalizations, growth capital financings, divestitures, new platforms, and generational transfers. Trilantic North America was formed in 2009 through the spin-off of Lehman Brothers' private equity business. The Firm is based in New York City.


DEAL STATS #
Overall 25 of 25
Sector: Information Technology M&A 1 of 1
Type: Add-on Acquisition M&A Deals 13 of 13
State: Oregon M&A 1 of 1
Country: United States M&A 24 of 24
Year: 2025 M&A 2 of 2
Size (of disclosed) 1 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-10-30 OrthoLite

Amherst, Massachusetts, United States

OrthoLite is a manufacturer of branded open cell foam insoles and other footwear components supplied to over 250 footwear brands. OrthoLite was established in 1997 and is headquartered in Amherst, Massachusetts.

Sell -
SELLER

Greenbelt Capital Partners

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2021
PE ASSETS 6.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Greenbelt Capital Partners is a specialist investment firm focused on the energy sector. The Firm typically seeks control investments, and commits $50 to $150 million per transaction. Greenbelt considers a variety of transaction types, including management buyouts, generational transitions, recapitalizations, and growth equity. Greenbelt Capital Partners was founded in 2021 and is headquartered in Austin, Texas.


DEAL STATS #
Overall 2 of 2
Sector: Information Technology M&A 1 of 1
Type: Add-on Acquisition M&A Deals 2 of 2
State: Oregon M&A 1 of 1
Country: United States M&A 2 of 2
Year: 2025 M&A 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-06-24 Brush

Leicestershire, United Kingdom

Brush is an independent provider of equipment, services, and solutions for electrical power generation and distribution. Brush was founded in 1879 and is based in Leicestershire, United Kingdom.

Buy -
SELLER

Google

Mountain View, California, United States

Category Company
Founded 1998
Sector Internet Software and Services
Employees190,234
Revenue 350.0B USD (2024)
DESCRIPTION
View of Google's corporate campus in Mountain View, California.
View of Google's corporate campus in Mountain View, California.

Google is a global provider of search and advertising services. In addition to its search engine, Google offers online tools and platforms including: Gmail, Google Apps, Google Maps, and YouTube. Google was incorporated in 1998 and is based in Mountain View, California.


DEAL STATS #
Overall 8 of 8
Sector: Information Technology M&A 2 of 2
Type: Add-on Acquisition M&A Deals 1 of 1
State: Oregon M&A 1 of 1
Country: United States M&A 7 of 7
Year: 2025 M&A 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-03-18 Wiz

New York, New York, United States

Wiz is a provider of cloud security to find critical risks and infiltration vectors with complete coverage across the full stack of multi-cloud environments. Wiz was formed in 2020 and is based in New York City.

Buy $32.0B