French infrastructure company Vinci has completed the acquisition of the Spanish energy business Cobra IS from ACS.
The final purchase price of EUR4.9 billion (US$5.77 billion), financed entirely through VINCI’s available cash, equates to the enterprise value of EUR4.2 billion (US$4.79 billion) initially agreed by the parties, plus EUR700 million (US$799 million) relating to cash held by the new unit and various adjustments.
ACS will receive an earn-out payment of EUR40 million (US$45.66 million) for each GW of ready-to-build renewable energy capacity developed by Cobra IS over a period of 8.5 years, up to 15 GW, resulting in a maximum additional payment of EUR600 million (US$684.86 million).
Cobra IS’ business and geographical footprint complement those of VINCI, through its acknowledged expertise in delivering turnkey EPC (Engineering, Procurement, and Construction) projects in the energy sector and with its strong local positions in the Iberian Peninsula and in Latin America.
