It will be taking on about 45,000 people and the acquisition will bring in additional revenue of more than 鈧�6bn (拢5.1bn), mainly in Spain and Latin America. The deal will have a purchase price of about 鈧�4.9bn (拢4.16bn), to be paid fully in cash.
The scope of the acquisition consists of:
- most of the ACS Industrial Services contracting business. It has a workforce of approximately 45,000 employees in about 50 countries.
- eight greenfield concessions under development and/or construction, mainly in the electrical transmission field;
- ACS鈥檚 renewables development platform. Its track-record of renewables concessions projects includes 4.4GW developed over the past three years. Vinci and the company have identified new opportunities for the short and medium term, of about 15GW, mainly in solar PV and onshore wind, as well as about 8GW of upcoming offshore wind projects.
Xavier Huillard, chairman and CEO of Vinci, said that the acquisition is a unique opportunity for Vinci to create a global player in energy contracting and to develop renewables projects, in line with its strategy. 鈥淭he group is delighted to welcome an outstanding management team and a skilled workforce of around 45,000 people. Synergies derived from complementary geographies, technical expertise and integrated business model, will be a significant asset to win new projects and to seize greenfield renewables energy opportunities. We will capitalize on ACS IS recognized track record to enhance Vinci鈥檚 contribution to the climate transition and pursue our environmental ambition together.鈥�
The transaction price is based on an enterprise value of 鈧�4.2bn. This leads to an estimated purchase price at closing of about 鈧�4.9bn, assuming a closing at year-end 2021 and after taking into account around 鈧�0.7bn of net cash items, working capital and other adjustments.In addition, ACS would receive additional payments of 鈧�40m for each ready-to-build gigawatt (GW) developed by the company over a period of maximum 8.5 years after closing, up to 15GW. This allows for a cumulative maximum contingent payment over time of 鈧�600m.
In addition, Vinci and ACS also intend to build a partnership through the setting up of a joint venture, with the right to acquire at market terms 鈥榤ature renewables assets鈥� 鈥� ones that are fully developed, built and connected to the grid by the company in the future. This JV would be 51%-owned by Vinci.
The acquisition is subject to customary regulatory approvals, including merger control, and is anticipated to close around the end of this year.
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