Meta Platforms, Inc. and BlackRock have announced a joint venture to develop and own a data center campus in El Paso, Texas, according to a statement released by the companies.

Under the terms of the agreement, BlackRock's funds will hold an 80% equity stake in the project, while Meta will retain the remaining 20% ownership.

This partnership marks a significant investment in the growing data infrastructure sector, combining the technological expertise of Meta with the financial resources of BlackRock.