CIMIC completes the sale of Nextgen Group
ACS, through its subsidiary CIMIC Group, has announced the completion of the divestment of its remaining 29% investment in Nextgen Group.
The former Nextgen Group comprised the Nextgen Networks data connectivity services business, the North West Cable System, the Australia Singapore Cable Project and the Metronode data centre business. Total proceeds are expected to be within the range previously provided of AUD190 million (US$137 million) to AUD210 million (US$151 million), subject to adjustments and payment of deferred consideration. Proceeds of AUD181.5 million (US$130.4 million) have been received to date.
In June 2013, CIMIC sold a 71% of its telecommunication assets to Ontario Teachers' Pension Plan for AUD558 million (US$401 million). Ontario Teachers will, as a result, have 100 per cent ownership of the company.
ACS is a spanish company dedicated to civil and engineering construction, all types services and telecommunications. It is one of the leading construction companies in the world, with projects in many countries around the world. The company was founded in 1997 through the merger of OCP Construcciones, S.A. and Ginés Navarro Construcciones, S.A.. The group has a global presence, including countries like Germany, India, Brazil, Chile, Morocco and Australia. The headquarters are in Madrid and the chairman is Florentino Pérez.
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