(SeeNews) - Aug 1, 2014 - Italian Falck Renewables SpA (BIT:FKR) said on Thursday it will take over Spanish renewable energy plants manager Vector Cuatro SLU in a deal with enterprise value of EUR 12 million (USD 16.1m).
The purchase will help Falck accelerate the growth of its Service Sector by adding a client portfolio that includes blue chip companies with operations in both photovoltaic (PV) production and wind power, the Italian company noted.
Falck said it would pay the purchase price in cash. The sum will be calculated based on Vector Cuatro's net financial position as at July 31 and the change in net working capital as at the same date, as compared to a pre-established target level.
Madrid-based Vector Cuatro offers engineering, transaction and consultancy services to the renewables sector in addition to managing and servicing plants. The group mainly does business in Spain, Italy, France, Portugal, Bulgaria, Japan and Mexico, but also has activities in the USA, Canada and South Africa. It currently manages 934 MW of third party assets.
Last year, Vector Cuatro generated revenues of some EUR 7.4 million and based on its projections for 2014, it would raise the figure to EUR 9 million. Earnings before interest, tax, depreciation and amortisation (EBITDA) this year are seen at EUR 1.8 million.
(EUR 1.0 = USD 1.338)