Pension fund snaps up waste management firm in billion dollar-plus deal
The Canada Pension Plan Investment Board (CPP Investments), through its wholly owned subsidiary, CPP Investment Board Europe S.àr.l, will acquire a 24.99% stake in FCC Servicios Medio Ambiente Holding, SAU, the environmental services division of Fomento de Construcciones y Contratas, S.A., a diversified conglomerate listed in Spain. CPP Investments has agreed to pay €965 million (C$1,438 million) for the stake.
FCC Medio Ambiente is a leading waste management operator in Iberia, the UK, and Central Europe, with a growing presence in the US. By capitalizing on FCC Medio Ambiente's extensive expertise in recycling and energy recovery and its strong platform for growth, this investment provides CPP Investments an access point to the global circular economy megatrend. The recovery of materials and products, and converting waste into a productive economic resource, is a key pillar of its infrastructure investment strategy.
The Canada Pension Plan Investment Board (CPP Investments), through its wholly owned subsidiary, CPP Investment Board Europe S.àr.l, will acquire a 24.99% stake in FCC Servicios Medio Ambiente Holding, SAU, the environmental services division of Fomento de Construcciones y Contratas, S.A., a diversified conglomerate listed in Spain. CPP Investments has agreed to pay €965 million (C$1,438 million) for the stake.
FCC Medio Ambiente is a leading waste management operator in Iberia, the UK, and Central Europe, with a growing presence in the US. By capitalizing on FCC Medio Ambiente's extensive expertise in recycling and energy recovery and its strong platform for growth, this investment provides CPP Investments an access point to the global circular economy megatrend. The recovery of materials and products, and converting waste into a productive economic resource, is a key pillar of its infrastructure investment strategy.
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