Tuesday, July 5

ACS announces the sale of Cobra to Vinci for 4,902 million euros

According to a statement announced this Friday to the National Securities Market Commission (CNMV), ACS and the French group Vinci have signed the public deed of sale of Cobra, the industrial division of the group chaired by Florentino Pérez, for 4,902 million euros, of which the ACS group will obtain a net capital gain of no less than 2,900 million euros.

After the signing of the deed, the segregation in favor of ACS of some predetermined assets is pending, which will run in the month of January and in the following months, as specified by the company.

The sale of most of Cobra was agreed on March 31 by both companies, according to EuropaPress.

The consideration agreed by ACS and Vinci It also contemplates a maximum variable payment of 600 million euros in cash for the industrial division (up to Ready To Built status) between March 31, 2021 and up to the following 7 years, extendable for an additional 18 months if Cobra fails to develop 6 gigawatts (GW) in the first 42 months.

In the same way, both parties have agreed on the specific terms of the joint venture that they will create and to which they will contribute, once they are completed, connected to the grid and ready to produce, all the renewable assets that Cobra develops, at least in the eight and a half years following the execution of the sale.

In this way, the French group will have 51% of political and economic rights, while ACS will keep 49%.

Reference-www.estrategiasdeinversion.com

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