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ACS Group to sell renewables unit to France’s Vinci

From pv magazine Spain

ACS Group has told Spain’s National Securities Market Commission (CNMV) that it is studying a non-binding offer of €5.2 billion ($6.08 billion) from French infrastructure group Vinci to buy its ACS Industrial unit.

ACS Industrial also includes ACS Group’s Cobra Instalaciones y Servicios subsidiary, which specializes in the construction of large-scale solar projects.

A source close to the Spanish engineering group has told pv magazine that the talks are “at an advanced stage – it is not just about listening to offers.” The proposed deal would ACS Industrial fall into the hands of Vinci, one of Europe’s biggest infrastructure developers.

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Cobra has a presence in 40 countries. All of its subsidiaries would also pass into the hands of Vinci. The group also holds a number of patents. A source close to Cobra told pv magazine “initially, there will be no changes in staff.”

Portugal’s Galp Energía has a joint venture with ACS to manage the development of the group’s PV assets in Spain. In January, Galp Energía announced the acquisition of these projects, making it the self-proclaimed “largest solar energy company on the Iberian Peninsula.” The portfolio is now 75.01%-owned by the Portuguese group, with ACS holding 24.99%.

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Source: pv magazine