By Joshua Kirby
Actividades de Construccion y Servicios SA said Friday that Vinci SA made a non-binding offer for its industrial division that estimated the business's enterprise value at 5.2 billion euros ($6.11 billion).
The Spanish construction company said it has examined the proposal and will continue negotiations with the French construction and infrastructure company. The division had a turnover of close to EUR6.3 billion in 2019, the company said.
The offer will undergo due diligence over the next few months, ACS said. The process will include a carve-out of those parts of the division that would not be included in the sale to Vinci, it said. The transaction is subject to approval from relevant market authorities.
At least EUR2.8 billion of the total sum would be paid in cash, while the rest would be payable either in cash or shares, ACS said.
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(END) Dow Jones Newswires