Promotion of Construction and Contracts (FCC) closed sale of 24.99% of the environmental subsidiary to the Canadian pension fund CPP Investments to 965 million euros, as approved by the company to the National Securities Market Commission. The Spanish infrastructure company will continue to be a shareholder of the remaining 75.01%. Process values ​​FCC Medio Ambiente 3,861 million euros.
FCC, 70% owned by Mexican boss carlos fine, will allocate funds from divestiture to “address strategic opportunities and corporate needs” from the FCC. This subsidiary currently operates in the areas of waste treatment and recycling, municipal cleaning services and infrastructure maintenance in Spain, Portugal, the European Union, the United Kingdom and the United States. FCC Medio Ambiente serves more than 60 million people in 5,200 municipalities in 11 countries.
In the document sent to the regulator, the FCC will continue on its way with the business strategy it has followed so far.continues its activities and commercial relations with public administrations, private customers and suppliers. He also stressed that the alliance with the pension fund will allow for “strengthening and development of operations through the active participation and synergy resulting from the inclusion of the new partner and the persistence of the company’s management team”.
Who is CPP Investments?
CPP Investments is one of the largest pension funds in the world.more than that 570 million Canadian dollars under management. It makes most of its investments outside its borders in real estate assets, infrastructure, energy, debt, and public and private equity funds, which Canada’s 21 million taxpayers capitalize on.
This is not the investment vehicle’s first investment in Spain. in 2021 entered the renewable energy sector, joined hands with Benbros Solar to acquire and develop 14 photovoltaic projects in Andalusia, Extremadura, Castilla-La Mancha, Aragon and Murcia. Last year, she explored her entry into the Spanish housing market. CPPI negotiated with contractor Neinor Homes to buy a portfolio of 1,000 rental homes for 400 million, but the operation did not bear fruit due to the rise in interest rates and the cost of financing.
Source: Informacion
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