According to a statement by IFM Investors, the investment manager has entered an agreement to acquire a 49 per cent stake in the water management company which saw the aggregate purchase price come to €1,024 million.
FCC Aqualia is an end-to-end water management company representing 23 per cent of the Spanish water management market that oversees all stages of the water cycle, from drinking water supply to wastewater treatment, the statement said.
Commenting on the acquisition, IFM Investors executive director for Europe Frederic Michel-Verdier said this was a “rare opportunity to invest in a fast growing, international leader in water management”.
“We admire the company’s strategy of ambitious but prudent growth outside of its domestic market and its commitment to customer service,” Mr Michel-Verdier said.
“We look forward to contributing our expertise in the water sector to further the development of its services in Spain, France and internationally.”
IFM Investors global head of infrastructure Kyle Mangini added that FCC Aqualia complemented the existing portfolio of assets.
“It is dedicated to innovating with its responsibility to society and the environment in mind,” Mr Mangini said.
“This aligns with our focus on long-term sustainable development and stewardship.”
The deal is expected to reach financial close by the end of August 2018, according to the statement.