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.
AUTHOR
Oksana Patron
Recommended for you
Infrastructure assets are well-positioned to hedge against global uncertainty and can enhance the diversification of traditional portfolios with their evergreen characteristics, an investment chief believes.
Volatility in US markets means currency is becoming a critical decision factor in Australian investors’ ETF selection this year.
Clime Investment Management is overhauling the selection process for its APLs, with managing director Michael Baragwanath describing the threat of a product failure affecting clients as “pure nightmare fuel”.
Global X will expand its ETF range of exchange-traded funds next month with a low-cost Australian equity product as it chases ambitions of becoming a top issuer of ETFs in Australia.
