China's CNTY turns Urbaser into its global platform to grow
ACS has already collected a billion euros from the sale of its former environment subsidiary, which will grow in Europe and South America and will now be able to enter China.
“We want to make Urbaser the most influential brand in the world in the protection of the environment and in urban services.” With these words, the President of China Tianying (CNTY), Yan Shengjun, summarizes the plans the new owner has for the Spanish company, which will become its worldwide brand in order to grow in urban services (garbage collection, road and beach cleaning , for example).
The acquisition, valued at more than 2,000 million, between cash payment and debt assumption, was closed on December 7, according to Urbaser CEO José María Lopez Piñol. ACS, the seller, has received around $ 1 billion in a complex operation that has also enabled it to eliminate some $ 1 billion of debt ($ 750 million in net terms).
Both companies reported that the purchase price ranged between 1,164 million and 1,399 million. The final amount will be determined according to parameters – which have not been made public – that will be evaluated in five years.
Urbaser collects and treats garbage in some areas of cities such as Madrid and Barcelona and also has interests in the water cycle and conservation of green areas, among other areas. With the accounts still to be audited, in 2016 it had a turnover of 1,602 million euros, a figure similar to that of 2015, although the forecast for 2017 is to approach 1,700 million.
Source: Expansion/ January 2017
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