FCC sells 50% stake in Proactiva to Veolia Environnement
FCC, the global infrastructure and environmental services group, has reached an agreement to sell its 50% stake in Proactiva Medio Ambiente to French multi-national Veolia Environnement for 150 million euros.
As a result, Veolia Environnement will own 100% of Proactiva, an environmental services provider in Latin America. This deal will provide FCC with capital gains of 81 million euros and advances its divestment plan.
The agreement with Veolia represents major progress under FCC's strategic plan, which includes a series of divestments with a view to reducing group debt by 2.2 billion euros.
Proactiva, created in 1999, was formerly a 50:50 joint venture between Veolia Environnement and FCC. It operates in eight countries and serves more than 42 million customers and employs a staff of around 12,000.
Proactiva provides water management services in Guayaquil and Lima, and waste management services in Buenos Aires, Caracas, São Paulo and Santiago de Chile.