VINCI has acquired the energy business of ACS – Cobra IS – for €4.9 billion ($5.5 billion).
The acquisition covers most of the contracting business of the ACS Industrial Services division; nine greenfield concession projects under development or construction, mainly electrical transmission networks in Latin America; and the renewable-energy project-development platform.
The transaction marks a major milestone in the group’s strategy of creating a global leader in engineering, works and services focused on the energy sector, and of developing renewable-energy concession projects
The purchase price, financed entirely through VINCI’s available cash, equates to the enterprise value of €4.2 billion ($4.7 billion) initially agreed by the parties, plus €700 million ($790 million) relating to cash held by the new unit and various adjustments.
VINCI said ACS will receive an earn-out payment of €40 million ($45 million) for each g