Vinci to Buy ACS's Energy Business for Around EUR4.9 Billion
01 Abril 2021 - 1:41AM
Noticias Dow Jones
By Pietro Lombardi
Vinci SA has signed an agreement to buy the energy business of
Actividades de Construccion y Servicios SA for around 4.9 billion
euros ($5.75 billion) in cash.
The French construction and infrastructure company said Thursday
that the move aims to create a global player in energy contracting
and to develop a platform for renewables projects.
Under the agreement, ACS may receive up to around EUR600 million
in additional payments, depending on some milestones related to
renewables.
The deal is based on an enterprise value of EUR4.2 billion, and
the estimated purchase price is based on the assumption that the
deal is closed by the end of the year.
Vinci will fund the deal with its cash and credit lines. It
expects the acquisition to have a positive impact--in the mid- to
high-single-digits--on its earnings per share from the first year
after closing.
The business has around 45,000 employees and a focus on Spain
and Latin America.
Vinci and ACS will also form a joint venture focused on
renewables assets, in which the French company will have a 51%
stake.
Write to Pietro Lombardi at pietro.lombardi@wsj.com;
@pietrolombard10
(END) Dow Jones Newswires
April 01, 2021 03:26 ET (07:26 GMT)
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