iCON Infrastructure has acquired 49% of the capital of FCC Environment’s new subsidiary, Green Recovery Projects Limited (GRP).
The deal for the stake in the head and owner of five energy from waste plants under FCC’s Environment division in the UK is worth £198 million, FCC said, giving the company a value, when taken as a whole including its debt, of £650 million.
The conclusion of the agreement is subject to the corresponding regulatory approvals.
The head of this area of activity, FCC Servicios Medio Ambiente Holding, will retain control over the new subsidiary and its full consolidation, in addition to 50% of the shareholding in the Mercia incinerator and 40% in the Lostock incinerator.
The energy from waste (EfW) plants are located in Kent, Nottinghamshire, Buckinghamshire, Edinburgh and Lincolnshire.
The inclusion of iCON in GRP will help FCC to enhance its leadership position in the waste recovery sector in the United Kingdom and the development of new treatment plants, which are essential in succeeding in the ecological transition and enhancing the circular economy
“The inclusion of iCON in GRP will help FCC to enhance its leadership position in the waste recovery sector in the United Kingdom and the development of new treatment plants, which are essential in succeeding in the ecological transition and enhancing the circular economy,” FCC said in a statement.
The Environmental Services Area at FCC has provides municipal services and waste management services to almost 60 million people across almost 5,000 towns and cities.
The company is active in a total of 12 countries through a range of different services and it handles around 25 million tonnes of waste and produces in the region of 3.5 million tonnes of secondary raw materials (SRM) and refuse-derived fuel (RDF).
The company has more than 700 waste handling facilities, of which more than 200 are environmental complexes dedicated to treating and recycling this waste, including 11 Energy from Waste projects.
iCON Infrastructure LLP is an independent investment firm that primarily seeks to invest in infrastructure firms, mainly in Europe and North America.