The two will cooperate in the development of infrastructure projects and Vinci will acquire a 20% stake in the Conconcreto, which is Colombia鈥檚 second-largest construction and property development group. Conconcreto has 4,800 employees and its revenue for 2014 was 鈧�320m (拢230m).
The partnership is subject to finalisation of the agreements and customary closing conditions.
It will take the form of a cooperation agreement primarily focused on Colombia鈥檚 major infrastructure projects and could result in the establishment of dedicated joint ventures.
The partnership will also involve Vinci's acquisition of a 20% stake in Constructora Conconcreto via a reserved capital increase.
聽鈥淭his agreement is a further illustration of the Vinci Group鈥檚 expansion strategy in countries with high growth potential. Vinci is very proud to be associated with, and to bring its expertise to, an acknowledged leader in the Colombian construction and property development sector. This partnership will enable the Group to take part in and support Colombia鈥檚 ambitious infrastructure development programme,鈥� said Vinci鈥檚 chairman and chief executive officer, Xavier Huillard
Vinci鈥檚 ambition is to put down long-term roots in Colombia. For about a decade, the country has regularly recorded annual GDP growth in excess of 4%. The construction sector is seen as particularly promising, with volume expected to increase by 5% annually in coming years.
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