Industry funds owned IFM Investors has acquired a 49 per cent stake in Europe’s fourth largest water management company FCC Aqualia.
The purchase price stood at €1,024 million and the transaction remained subject to relevant merger control approvals and consent of FCC’s senior lenders, with the financial close expected by end of August.
IFM said that the transaction represented its first continental Europe water company investment, and the third globally.
IGM Investors’ global head of infrastructure, Kyle Mangini said: “FCC Aqualia is a great complement to our existing portfolio of assets. It is dedicated to innovating with its responsibility to society and the environment in mind; this aligns with our focus on long-term sustainable development and stewardship.”
FCC Aqualia is the FCC parent company for end to end water management and controls all stages of the water cycle, from the supply of drinking water to the treatment of wastewaters.
It represents 23 per cent of the Spanish water management market and is the fourth largest private water management firm in Europe, serving over 23.6 million customers in more than 1,100 municipalities in 22 countries.
