After announcing the agreement on 1 April 2021, VINCI completed its acquisition of ACS’s energy business on 31 December 2021.
The acquisition gives VINCI several strong growth drivers:
VINCI and ACS have also finalised a joint venture agreement, providing for the creation of a new entity that will have the right to buy, at market prices, renewable energy assets developed, financed, built and connected to the grid by Cobra IS. VINCI will own 51% of this entity, which will be fully consolidated in VINCI’s financial statements.
The purchase price of €4.9 billion, which was financed entirely from VINCI’s available cash, equates to an enterprise value of €4.2 billion plus €700 million relating to cash held by the new unit and various adjustments.
ACS will receive an earn-out payment of €40 million for each gigawatt (GW) of renewable power capacity added by ready-to-build projects developed by Cobra IS over a period of eight and a half years after closing and up to a limit of 15 GW, resulting in a maximum additional payment of €600 million.
In January 2022, José Maria Castillo Lacabex, CEO of Cobra IS, joined VINCI’s Executive Committee.
In January 2021, VINCI Immobilier purchased a 50.1% stake in Urbat Promotion, a property developer specialising in building affordable homes in the south of France, taking its total stake in that company to 100%. VINCI Immobilier bought its initial 49.9% stake in Urbat Promotion in January 2019.
In 2021, VINCI Energies completed almost 30 acquisitions, particularly in France, Germany and the United States, representing full-year revenue of around €180 million.
These transactions are mentioned in the Note B.1 to the consolidated financial statements (“Changes in consolidation scope during the period”, page 284).
The A355 motorway – which acts as a bypass to the west of Strasbourg in France and stands as France’s largest motorway project in recent years – came into service in December 2021. VINCI Autoroutes will operate and maintain this new 24 km section of motorway under a concession contract that will run until 2070. The A355 project’s design, construction and operating method make it one of a kind among French road infrastructure assets in terms of ecological transparency and environmental integration.
In April 2021, following a tender procedure conducted by Brazil’s civil aviation authority (Anac), VINCI Airports was awarded a 30-year concession to operate seven airports in Brazil’s North Region, including Manaus airport, from 1 January 2022.
These airports serve as gateways to the Amazon region and neighbouring states in Brazil, and welcomed 3.7 million passengers in 2021 (4.7 million in 2019). They are essential to opening up this vast area spanning 3.8 million sq. kilometres.
On 23 July 2021, VINCI Airports signed a contract with the Haute-Savoie administrative department to operate Annecy Mont Blanc airport for 15 years from 1 January 2022.
In April 2021, a consortium led by VINCI Highways and including Meridiam (50/50) completed the financing of the public-private partnership (PPP) for the D4 motorway in the Czech Republic.
In July 2021, VINCI Highways won a contract relating to the new B247 road in Germany, the first German federal road ever attributed to a private operator under a PPP. It has officially been part of the VINCI Highways project portfolio since 30 September 2021. VINCI now has contracts relating to five motorway sections in Germany.
On 15 December 2021, VINCI Concessions, in partnership with Eiffage, announced plans to make a simplified public tender offer for shares in Société Marseillaise du Tunnel Prado-Carénage at a price of €27 each. This offer and the draft offer document have been filed with the Autorité des Marchés Financiers, which is in the process of examining them.
