MADRID (Reuters) – Spanish construction giant ACS said on Friday that the sale of its energy business to French rival Vinci would net it a net capital gain of at least € 2.9 billion.
The two companies, which closed the € 4.9 billion transaction in March, signed the deed of sale on Friday after obtaining all regulatory approvals, ACS said in a statement.
ACS’s energy activities have 45,000 employees and represent sales of six billion euros, mainly in Spain and Latin America.
The finalization of the transaction was expected before the end of 2021.
The Spanish company expects an additional 600 million euros over the next seven years, in connection with the development of the industrial unit sold to Vinci.
ACS and Vinci have also finalized a joint venture agreement to create a new entity, in which Vinci will own 51%, with a view to acquiring the renewable energy assets developed by the Cobra IS business unit.
(Inti Landauro report; French version Elena Vardon, edited by Sophie Louet)
Copyright © 2021 Thomson Reuters