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FCC completes the sale of a 49% minority share of Aqualia to Australian fund IFM for €1,024 million

28/09/2018

FCC completes the sale of a 49% minority share of Aqualia to Australian fund IFM for €1,024 million

  • FCC has used the disposal proceeds mostly to pay down financial debt at the parent by more than EUR 800 million and, coupled with the new funding raised, repay FCC, S.A.'s previous syndicated loan, the remaining of the proceeds from the sale will be used for corporate purposes
  • Aqualia plans to maintain its current strategy, operations and management team. The new situation enhances the company's ability to growth and is a testimony to its track record.
FCC completes the sale of a 49% minority share of Aqualia to Australian fund IFM for €1,024 million

FCC has formally completed the sale of a 49% stake in its Aqualia subsidiary to Australian fund IFM Investors for €1,024 million after receiving the green light from the European Commission (EC) on  August 22t, in accordance with the merger regulation, and approval by the Federal Economic Competition Commission of Mexico on  September 20.

Aqualia, as head of FCC's water management area, plans to maintain its current strategy, operations and commercial relations (with public administrations, private customers, suppliers, etc.), while strengthening and developing new markets, benefitting from the active involvement of its new shareholder, the resulting synergies, and the continuity of the company's current management.

Therefore, this operation enhances Aqualia's capacity and is a testimony to the company's track record and a recognition of its reputation as specialist and expert technology partner for administrations and industry in providing water management services.

This is IFM Investors' first investment in a water management company in continental Europe, and its third globally. The Australian fund has amassed more than 15 years of experience in the sector, having invested in Wyuna Water (Australia) in 2003 and Anglian Water (UK) in 2006.

Accordingly, the new shareholder structure strengthens Aqualia's board of directors, which will be chaired by FCC, composed by seven members; of which four will be designated by FCC and three by IFM.

FCC has used the disposal proceeds mostly to pay down financial debt at the parent by more than EUR 800 million and, coupled with the new funding raised, repay FCC, S.A.'s previous syndicated loan, the remaining of the proceeds from the sale will be used for corporate purposes.

About IFM

IFM, an ethical fund managing assets worth $81.2 billion

IFM Investors is a global investor-owned fund manager which, at 31 August 2018, managed assets worth $81.2 billion. Established more than 20 years ago, it is owned by 28 Australian pension funds, which manage the savings of 15 million people worldwide.

Its investment teams in Europe, North America and Australia manage institutional strategies in infrastructure (equity and debt), debt investments, listed equities and private equity. IFM Investors has been a signatory to the United Nations-backed Principles for Responsible Investment since 2008. IFM Investors has offices in eight locations: Melbourne, Sydney, New York, London, Berlin, Tokyo, Hong Kong and Seoul.

About FCC

FCC Group, a subsidiary of investor group CARSO, has evolved over its 100-year history, developing a model predicated on partnerships with public administrations that afford benefits and wellbeing to society at large.

FCC is an international benchmark specialising in environmental services, end-to-end water management and infrastructure. It has operations in over 30 countries.

It has more than 50,000 employees and is a creator of value for society, with a sustainable, and socially, environmentally and financially responsible business model.

About Aqualia

Aqualia is a world leader in managing water services

Aqualia is the water management subsidiary of FCC, one of Europe's leading citizen services companies. With around8,000 employees, it is the fourth-largest investor-owned water company in Europe and among the world's top 10, according to the most recent ranking by Global Water Intelligence (GWI) magazine (November 2017). In 2017, governments evidenced their trust in the company as an expert technology partner by awarding it major contracts in: Abu Rawash (Egypt), Burgos (Spain), Glina (Romania), Arraiján (Panama), Guaymas (Mexico), Sohar (Oman) and Al-Watha (UAE). So far in 2018, the company has renewed several major concessions in Spain, including Mazarrón (Murcia), Tarifa (Cadiz), Herencia (Ciudad Real) and Miajadas (Caceres). It also has plant operation and maintenance (O&M) contracts in La Línea and San Roque (Cadiz), La Rioja, the coast of Gerona, metropolitan Madrid, and towns in Castille-La Mancha. Internationally, it has O&M contracts for plants in Saudi Arabia and the Czech Republic, in addition to the BDP contract for the Arraiján wastewater treatment plant in Panama and the BOT for the Guaymas seawater desalination plan in Sonoro (Mexico), as well as the water system management contract of Majis (Oman).

It was also voted best company in its sector in Spain and LatAm in 2017 by specialist magazine iAgua, and has been nominated for Water Company of the Year, the most coveted category of the Global Water Awards 2018, established by the prestigious publication Global Water Intelligence (GWI).

It currently provides services to 22.5 million people in 22 countries: Spain, Italy, Portugal, Czech Republic, Poland, Romania, Montenegro, Bosnia, Mexico, Chile, Uruguay, Algeria, Egypt, United Arab Emirates, Saudi Arabia, Serbia, Tunisia, Qatar, Oman, Colombia, Ecuador and Panama. In 2017, Aqualia reported more than €1,000 million in revenues.