FCC SM : Aqualia unit to take 80% stake in Georgia Global Utilities for $180M - filing
- A fully owned subsidiary of Georgia Capital (GCAP), GGU owns and operates a range of assets including the comprehensive water cycle infrastructure in Georgia's capital city. The process with GGU, the proprietor of water utility and power generation assets, will be conducted in two phases in 2022
- The initial phase, slated for completion by the end of January 2022, in which FCC Aqualia acquires 65% of the current GGU, which includes water and renewable energy assets, for a price of USD 180 million.
- A second phase, in which GGU will spin off the renewable energy assets, with only the water assets remaining in GGU's perimeter (with 4 hydroelectric power plants associated with the water cycle). In this regard, FCC Aqualia will hold 80% in GGU and GCAP shall hold the remaining 20%; as GGU has currently issued a USD 250 million green bond, it will need to be cancelled before the demerger can be completed, after which GGU is expected to issue a new bond, already adjusted to the company's new scope of activity.