IFM Investors buys stake in European firm
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.
Recommended for you
Platinum Asset Management has put its two closed-end funds under strategic review in a bid to reduce the share price discount to pre-tax NTA and maximise shareholder value.
In the latest Meet the Manager profile, Money Management speaks with Michael Skinner, founder and managing director at Blackwattle Investment Partners.
Perpetual has seen AUM rise 6 per cent in the last quarter but the departure of a longstanding JOHCM fund manager led to outflows of $2.2 billion from his strategy.
Global fixed income fund Bentham Global Opportunities has been added to several major platforms, enabling it to be accessed more easily by financial advisers.
