Spanish developer ACS Group has announced the acquisition of an additional stake in Hochtief for a total consideration of €312 million (US$357 million).

Specifically, the ACS Group has acquired 4,050,000 shares of Hochtief AG, representing 5.84% of its share capital, at a price of €77 per share. With this acquisition, the total number of shares of Hochtief AG held by the ACS Group reached a total of 46,118,122 shares, representing 66.54% of its share capital.

The acquires shares were part of a placement by the Qatar Investment Authority (QIA), which sold its 10 per cent stake in Hochtief AG for about €540 million. QIA disposed of 7 million shares at a price equal to €77 each.

This transaction is in line with ACS's strategic moves to strengthen its ownership in Hochtief through a series of buy-backs. According to sources, ACS aims to set up a holding company that would enable it to merge Hochtief with its Dragados construction unit.