Clifford Chance has advised ACS on the sale of almost the entirety of the ACS group’s industrial division for consideration ranging between a minimum of EUR 4.93 billion and a maximum of EUR 4.98 billion, plus an additional payment of up to EUR 600 million for the future development of renewable assets by the industrial services business being sold to Vinci, calculated on the basis of each half Gigawatt of renewable assets being developed having a value of EUR 20 million.
The transaction perimeter includes, besides the ACS industrial services’ engineering and construction contracting business, eight concessions or PPP projects mainly in the energy sector, as well as a renewables development platform for new projects. Conversely, ACS will retain ownership over Zero-e as well as over another 15 concessions, which will be carved out before completing the transaction with Vinci.
ACS and Vinci have also agreed to create a joint venture for the acquisition of mature renewables assets to be developed by the industrial business being sold to Vinci. Vinci will own 51% of the Joint Venture and ACS the remaining 49%.
The Clifford Chance team advising ACS was led by Madrid M&A group partners Luis Alonso and Javier GarcĂa de EnterrĂa, who were assisted by M&A senior associates Pablo Murcia and Javier Hermosilla, M&A associates Daniel Garcia, Patricia Arribas, Patricia Puertas and Aina GĂłmez, public law partner, Jaime Almenar with associates Marc Casas and MĂłnica Romero and GFM associates Eduardo Sánchez, Marta Martinez and Gabriel Miranda and, from the tax team, Pablo Serrano de Haro, Roberto Grau and Fernando Escribano, together with an international team of Clifford Chance lawyers.
