VINCI and ACS sign final agreement for the acquisition of Cobra IS
- A fixed earn-out related to Cobra IS’ developments in renewable energy, set at €380 million, of which €300 million remains to be paid by VINCI in cash
- Termination of the agreement between VINCI and ACS regarding the creation of a joint venture in renewable energy
- No significant impact on VINCI’s financial statements
VINCI and ACS announce the conclusion of an agreement to definitively settle certain provisions related to the acquisition of Cobra IS, completed on December 31, 2021.
The key terms of this agreement are as follows:
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While an earn-out was originally planned for each new “Ready to Build” renewable energy development by Cobra IS, up to a cap of €600 million, both parties have agreed to fix this earn-out at €380 million, payable in cash. Taking into account payments already made by VINCI, a remaining balance of €300 million will be paid to ACS under this agreement.
- Given the evolving investment priorities of both groups, VINCI and ACS have decided to terminate their original agreement concerning the creation of a joint company intended to carry new renewable energy production projects developed by Cobra IS, from the start of their operations.
These new provisions will have no significant impact on VINCI’s financial statements, considering the elements already accounted for in previous fiscal years.
It should be noted that the total value of the acquisition of Cobra IS by VINCI – including Cobra IS’ cash position at the time of the acquisition and various adjustments – amounts to €5.3 billion (of which the enterprise value at the time of the acquisition was €4.6 billion).
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