France’s Vinci has offered to buy the Industrial Services division of Spain’s Grupo ACS, and the latter’s board has declared itself open to negotiations, Vinci said today.Â
It said its offer would be in the region of €5.2bn, of which at least €2.8bn would be in cash, with the remainder paid in shares or in cash.Â
With revenues of around €6.5bn last year, the division specialises in the design, construction and operation of energy, industrial and transport infrastructure.
Vinci expressed interest in eight concessions and public-private partnerships the division holds, mainly in energy projects, and a platform for the development of new projects in the renewable energy sector.Â
The division has some 46,000 employees in 50 countries. Grupo ACS says its €9.8bn order backlog is predominantly in South America (38%), followed by Spain (25%), North America (14%), Asia Pacific (10%), Africa (7%) and the rest of Europe (6%).
The sale would be conditional on a due diligence exercise in the coming months.Â
Vinci said: “This will include examining information forming the basis of a carve-out plan for the activities that would not be transferred to Vinci, including the Zero-E company and fifteen concessions.”
The proposal would be subject to the required regulatory approvals, including merger control.Â
“ACS and Vinci will inform the market, at the appropriate time, of the eventual outcome and result of these negotiations,” Vinci said.
Photograph: The Industrial Services division of Grupo ACS specialises in the design, construction and operation of energy, industrial and transport infrastructure (Grupo ACS)
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