Vinci has announced that it has reached a definitive agreement with ACS settling certain clauses relating to the acquisition of Cobra IS, which was finalised on 31 December 2021. The additional price initially linked to the "Ready to Build" renewable energy projects has been set at a lump sum of €380m, of which €300m remains to be paid in cash.
Both groups have decided not to create the joint venture initially planned to develop and operate new renewable energy projects.
Vinci says that this agreement will not have a significant impact on its financial statements, as the effects have already been included.
The total value of the acquisition, including cash and adjustments, amounts to €5.3bn, of which €4.6bn is enterprise value.
VINCI is the world leader in construction, concessions and related services. Net sales (including intragroup) break down by activity as follows:
- design and construction of infrastructure (44.1%; VINCI Construction): primarily in the fields of building, civil engineering and hydraulics. In addition, the group is developing a business in the construction, renovation and maintenance of transport infrastructure (roads, freeways and railroads; Eurovia), in the production of aggregates (No. 1 in France) and in urban development;
- design, execution, and maintenance of energy and telecom infrastructures (38.1%; VINCI Energies and Cobra IS);
- sub-contracted infrastructure management (16.2%; VINCI Concessions): primarily managing roads and highways (mainly through Autoroutes du Sud de la France and Cofiroute), parking areas, airport activities;
- other (1.6%): primarily property development (residential properties, business properties, managed residences and property services).
Net sales are distributed geographically as follows: France (42.2%), the United Kingdom (9.4%), Germany (7.8%), Spain (5.3%), Europe (14%), North America (7.7%), Central and South America (5.9%), Oceania (3.3%), Africa (2.2%) and Asia/Pacific and Middle East (2.2%).
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