CPP Investments ups stake in Spanish firm for $1.6B

The Canada Pension Plan Investment Board says it’s paying $1.6 billion to boost its stake in a Spanish-based environmental services company.

The pension fund manager says the investment will increase its holdings by 25% in FCC Servicios Medio Ambiente Holding, S.A.U. to leave it with 49.99% ownership of the division.

FCC Group, the parent company of FCC Enviro, retains the controlling stake.

James Bryce, head of infrastructure at CPP Investments, says the deal deepens the fund’s commitment to a platform that’s advancing the circular economy.

FCC Enviro provides municipal waste management, including collection, treatment, recycling, energy recovery and disposal, along with other services like sewage network maintenance and polluted soil recovery.

CPP Investments paid $1.44 billion for its initial 24.99% stake in 2023.

The Canadian Press

The Canadian Press is a national news agency headquartered in Toronto and founded in 1917.