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IFM Investors to acquire stake in FCC Aqualia for €1.02bn

CTBR Staff Writer Published 23 March 2018

Australian investment management company IFM Investors has signed an agreement with Fomento de Construcciones y Contratas (FCC) to acquire 49% stake in FCC Aqualia for €1.02bn.

FCC Aqualia is an end to end water management company that controls all stages of water cycle starting from supply of drinking water to the treatment of wastewaters.

It also claims to represent 23% of the Spanish water management market and is also the fourth largest in Europe.

Employing over 7,500 people, the company offers services to more than 23.6 million customers in more than 1,100 municipalities in 22 countries.

The countries served by the company include Spain, Italy, Portugal, Czech Republic, Poland, Romania, Montenegro, Bosnia, Mexico, Chile, Uruguay, Algeria, Egypt, United Arab Emirates, Saudi Arabia, Serbia, Tunisia, Qatar, Oman, Colombia, Ecuador and Panama. 

For the year 2017, the water company reported a revenue of €1,025.9m.

The acquisition represents the first investment for IFM Investors in a Continental Europe water company and the third globally after the investment in Wyuna Water in Australia and Anglian Water in the UK in 2003 and 2006, respectively.

IFM Investors Europe executive director Frederic Michel-Verdier said: “This is a rare opportunity to invest in a fast growing, international leader in water management. We admire the company’s strategy of ambitious but prudent growth outside of its domestic market and its commitment to customer service. We look forward to contributing our expertise in the water sector to further the development of its services in Spain, France and internationally.”

After the completion of the transaction, Aqualia plans to maintain its current strategy, operations and commercial relations, while strengthening and developing new markets.

The transaction is subject to the relevant approvals from regulatory authorities and FCC’s senior lenders. Financial close of the deal is expected to take place by the end of this August.


Image: IFM Investors acquires stake in FCC Aqualia. Photo: Courtesy of FCC.