FCC will pay €480 million to acquire up to 80.7% of Austria's second-largest construction and services group. This is FCC's third investment in Central and Eastern Europe following the recent acquisitions of ASA and SmVAK.
FCC has acquired 74.76% of Alpine Mayreder Bau, Austria's second-largest construction and services group, which has been controlled to date by the Pappas family. The acquisition of another 5.94% held by Erste Bank is expected to be completed in the next few weeks.
FCC, which is controlled by Esther Koplowitz, will further its international development strategy by integrating Alpine Mayreder, a construction and services group which complements its recent acquisitions in Austria (ASA) and the Czech Republic (SmVAK) to create a 'springboard for expansion' in Central and Eastern Europe.
The enterprise value of 100% of Alpine is €725 million (including €130 million of net debt).
The deal was assisted by the existing affinity with Alpine, which is already working with FCC Construction on toll roads in Serbia, and the Austrian company's superb record of growth in recent years; Alpine has a solid, professional management team which shares FCC's strategic vision of Eastern Europe.