Vinci must now make lower ear-out payments than expected as a result of the final agreement on the assumption of the COBRA IS energy business from the Spanish Building Group ACS.
The originally planned payments of up to 600 million euros, which depend on reaching intermediate destinations in the area of renewable energies, were reduced to 380 million euros. These are to be paid in cash, as the French construction and infrastructure group announced. Taking into account the payments already made, a remaining amount of 300 million euros to the Actividades de Construccion Y Servicios SA (ACS) must be paid.
The companies decided to their original agreement on the establishment of a Joint ventures To terminate projects to produce renewable energies developed by Cobra IS.
At the time of the takeover, the total value of Cobra IS was 4.6 billion euros, as Vinci announced. This new conditions will not have a significant impact on the financial reports of the group.
Vinci took over Cobra is from ACS in 2021.
By Nina Kienle
Dow Jones
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