ACS sells Cobra IS to Vinci for €4.9 billion

By Global Infrastructure Sherpa · Dec 17, 2024

Project Sale Infrastructure announced Spain Dec 17, 2024

EUR4900M

Deal Value

15 GW

Capacity

development/construction

Stage

ACS Group agreed to sell its industrial services unit, Cobra IS, to Vinci for €4.9 billion.

Source Intelligence

KEY DETAILS

ACS will receive an earn-out payment of €40 million for each GW of ready-to-build 2 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 €600 million.

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Deal Size

Purchase price: €4.9 billion, including the acquired unit’s cash

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Capacity

representing eventually a total capacity of around 15 GW, mainly in solar PV and onshore wind, as well as additional GW from potential offshore wind projects.

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Location

with its strong local positions in the Iberian Peninsula and in Latin America

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Financials

financed entirely through VINCI’s available cash, equates to the enterprise value of €4.2 billion initially agreed by the parties, plus €700 million relating to cash held by the new unit and various adjustments.

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Announcement

After announcing the agreement on 1 April 2021, VINCI’s acquisition of ACS’s energy business was completed this morning.

PARTIES MENTIONED IN SOURCE

VINCI buyer

"VINCI completes the acquisition of ACS’s energy business (Cobra IS)"

ACS seller

"VINCI completes the acquisition of ACS’s energy business (Cobra IS)"

Cobra IS target

"VINCI completes the acquisition of ACS’s energy business (Cobra IS)"

high quality Enriched Feb 19, 2026