FCC has agreed with the Canadian pension fund, CPP Investments, the sale of 24.9% of its subsidiary FCC Medio Ambiente for 965 million euros, in an operation aimed at meeting strategic and corporate needs, the construction company has indicated to the CNMV.
This divestment is in addition to the asset sale processes in which construction companies such as OHLA or Sacyr are working to divest part or all of their service areas or water infrastructures with the aim of reducing debt. FCC does not specify whether its corporate needs include deleveraging.
FCC Medio Ambiente’s business includes not only the Spanish activity of the company controlled by Carlos Slim, but also that of Portugal, the United Kingdom, the United States and Eastern European countries.
Together with KPMG, Kearney and Freshfields, Santander has been advisor to the Canadian pension fund in this operation, in which Allen
The company informs that its intention is to maintain, with 75.01% of the capital, the majority shareholding. The operation still needs to be approved by the competition and financial authorities.
With the new partner, it aspires to “strengthen” its activities and to obtain synergies. The current management team will continue to lead the environmental division.
CPP Investments manages the pensions of 21 million Canadians, which is equivalent to 570,000 million Canadian dollars (almost 400,000 million euros). A good part of their investments are distributed outside of Canada in sectors such as infrastructure or energy.
