Canadian pension fund moves to nearly half ownership of FCC’s global environmental services arm
Canada Pension Plan Investment Board (CPP Investments) has signed an agreement to acquire an additional 25 percent interest in FCC Servicios Medio Ambiente Holding, SAU (FCC Enviro), the environmental services division of Spain’s FCC Group.
The agreed purchase price for the additional stake is $1.6bn.
Upon completion of the transaction, CPP Investments will hold a 49.99 percent stake in FCC Enviro, while FCC will retain 50.01 percent. The transaction is subject to regulatory approvals and customary closing conditions.
CPP Investments first acquired a stake in FCC Enviro in 2023, when FCC sold around a quarter of its environmental subsidiary for €965m.
Since that initial investment, FCC Enviro has completed four acquisitions, including a first investment in France and an expansion into the US energy-from-waste sector.
FCC Enviro and its domestic and international subsidiaries operate environmental services through four main platforms.
The company provides services across the waste value chain, including collections, treatment, recycling, recovery, and disposal, serving more than 78 million people in 12 countries.
FCC has stated that proceeds from the sale will be used to address strategic opportunities and corporate needs.
