Vinci cements €4.9bn ACS arm acquisition

French construction giant Vinci revealed it had completed its €4.9 billion acquisition of Cobra IS, the energy arm of Spanish contractor ACS on December 31.

The deal, first announced on 1 April 2021, will see Vinci taking on the majority of the contracting business of the ACS Industrial Services division.

Vinci will also take on a number of greenfield concession projects, including six electrical transmission lines, one irrigation plant and one open cycle power plant.

This is a major milestone in VINCI’s strategy of creating a major player in engineering, works and services focused on the energy sector, and of developing renewable energy concession projects.

Through this strategy, the Group intends to broaden its concession portfolio and extend its average maturity, while contributing to the environmental transition.

Vinci expects to benefit from Cobra IS’ expertise in delivering EPC projects in the energy sector, as well as its strength in the energy sector in Latin America, where the majority of its ongoing projects are located.

Xavier Huillard, VINCI’s Chairman and CEO, said: "With this strategic deal, we intend not only to build a global leader in engineering, works and services focused on the energy sector – in which VINCI already has extensive operations – but also, thanks to the long track record expertise that Cobra IS has developed, to accelerate our development in renewable energies, which will help us make a greater contribution to the environmental transition."

VINCI and ACS have also finalised a joint venture agreement, providing for the creation of a new entity that will have the right to buy, at market price, renewable energy assets developed, financed, built and connected to the grid by Cobra IS. 

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