Cuatrecasas advised Vinci on buying ACS’s industrial unit Cobra, a company with a €4-billion plus turnover and the largest part of its business in renewables. The cost of the transaction was €4.98 billion.
As well as the engineering and construction activities, the transaction includes shareholdings in eight concessions; public-private partnership projects, the majority in the energy sector; and a renewable energy project development platform.
Vinci and ACS will also form a joint venture partnership, to which at least all the renewable assets that the division develops will be transferred, in the eight and a half years following the transaction. The joint venture will be owned 51% and 49% by Vinci and ACS, respectively.
The advisory team on this transaction was made up of Juan Aguayo, José Luis Rodríguez, Andrew Ward, Luis Pérez de Ayala, Soraya Sáenz de Santamaría, and Soraya Romero.