Link Securities | ACS and the Vinci Group have signed, with effect from 31 December, the public deed of sale of most of ACS’s Industrial Division agreed on 31 March. Pending is the carve-out in favour of ACS of certain predetermined assets, which will be executed mainly in January and in the following months. ACS received some 4.902 billion euros as consideration. With this price, ACS has obtained a net capital gain of no less than 2.9 billion euros.
In addition to the above, ACS will receive a maximum variable payment of 600 million euros in cash at a rate of 20 million for each half GW developed by the Industrial Division (up to Ready To Built status) between 31 March 2021 and 7 years following the execution of the sale and purchase. This is extendable for an additional 18 months if the Industrial Division fails to develop 6 GW in the first 42 months.
Similarly, both parties have agreed on the specific terms for the creation and operation of a joint venture to which all the renewable assets to be developed by the Industrial Division covered by the agreement will be contributed. This is once they are completed, connected to the grid and ready to produce, at least eight and a half years after the execution of the sale and purchase. Vinci will hold 51% of the voting and economic rights and ACS the remaining 49%.