Vinci buys Spanish construction giant’s energy unit for $5.5bn
01 February 2022
Vinci, a global player in concessions, construction and energy businesses, has completed the purchase of Cobra IS, the energy business of Spanish civil and construction engineering giant ACS, (including the renewables platform) in a deal worth €4.9 billion ($5.5 billion).
The French infrastructure giant says it was 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 final acquisition of ACS’ energy business comes after the agreement was sealed on April 1 2021. It 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.
This acquisition offers strong growth levers. Cobra IS’s business and geographical footprint complements that of Vinci, through its expertise in delivering turnkey engineering, procurement and construction (EPC) projects in the energy sector and with its strong local positions in the Iberian Peninsula and in Latin America; Vinci’s business model will benefit from Cobra IS’s expertise in developing renewable energy concessions. It, therefore, intends to become a significant player in this sector, having identified new opportunities for the short and medium term representing eventually a total capacity of around 15 GW, mainly in solar PV and onshore wind, as well as from potential offshore wind projects.
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