Modelling A.I. in Economics

FCC Cleans Up With $1 Billion Sale

Spain's FCC, a construction and services company, has agreed to sell a quarter of its environmental subsidiary, FCC Medio Ambiente, to Canadian global management group CPP Investments for 965 million euros ($1.06 billion).

The deal, which is expected to close in the second half of 2023, will give CPP Investments a 25% stake in FCC Medio Ambiente. The remaining 75% will be held by FCC.

FCC Medio Ambiente is a leading provider of environmental services in Spain, with a workforce of over 5,000 employees and a turnover of over 1 billion euros. The company provides a wide range of services, including waste management, water treatment, and environmental consulting.

The sale of FCC Medio Ambiente is part of FCC's strategy to focus on its core construction and services businesses. The company said the proceeds from the sale will be used to reduce debt and invest in new growth opportunities.

CPP Investments is a global investment manager with over $400 billion in assets under management. The company invests in a variety of asset classes, including equities, fixed income, and real assets.

The sale of FCC Medio Ambiente is the latest in a series of deals between Spanish companies and Canadian investors. In recent years, Canadian investors have invested billions of dollars in Spanish companies, including Repsol, Iberdrola, and Santander.

The deal is seen as a sign of confidence in the Spanish economy. It also highlights the growing importance of the environmental services sector in Spain.

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