Vinci has completed the acquisition of  ACS’s energy business (Cobra IS). The acquisition portfolio covers most of the contracting business of the ACS Industrial Services division: 9 greenfield concession projects under development or construction, mainly electrical transmission networks in Latin America, and renewable energy project development platform.

The final purchase price is EUR4.9 billion (US$5.60 billion), financed entirely through VINCI’s available cash. The price consists of the enterprise value of EUR4.2 billion (US$4.80 billion) initially agreed by the parties, plus EUR700 million (US$801 million) relating to cash held by the new unit and various adjustments. ACS will receive an earn-out payment of EUR40 million (US$45.77 million) for each GW of ready-to-build renewable energy capacity developed by Cobra IS over a period of 8.5 years, up to 15 GW, resulting in a maximum additional payment of EUR600 million (US$686.3 million).