FCC has agreed to purchase from Urbaser, a former subsidiary of ACS, its waste collection, street cleaning, recycling and garbage treatment business in the United Kingdom for 398 million pounds (464 million euros), in a move that will improve its international presence.
The construction company controlled by Carlos Slim will take over 75.01% of the shares, while the pension fund Canadian Pensión Plan Investment Board (CPPIB) will take the remaining 24.99%.
The operation, reported this Tuesday to the CNMV and the amount of which includes the debt of the acquired business, is expected to be completed in the second quarter of next year.
FCC is rearranging its perimeter to look for growth alternatives. In June it sold 24.9% of its environmental services subsidiary to the Canadian pensioners' investment fund, CPP Investments, for 965 million. Part of the income, he indicated, would be dedicated to new operations.
The experience of Spanish companies in contracting British urban services has not always been good, and an example of this is Amey, Ferrovial's subsidiary in the country, sold just a year ago to several investment funds for 455 million before the problems with local authorities.
In this case, Urbaser is currently in the process of leaving in several countries and has offered FCC the opportunity to take over in the United Kingdom. In August it agreed to sell its business in the Nordic countries for almost 400 million euros to an infrastructure fund.
Urbaser was sold by ACS to the Chinese group Tianying, which two years ago sold the company to an investment fund, Platinum Equity, which is driving the current strategy.
The company entered the United Kingdom market in 1998, where it has been providing service to more than 12 million citizens, has more than 1,700 employees and manages nearly 1.5 million tons of waste per year. Its activities in this country represent close to 5% of income.
Santander has been FCC's financial advisor in the operation, while Linklaters has acted as legal advisor. On Urbaser's part, Barclays has been the financial advisor and Latham and Watkins, the legal advisor.
