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HomeLatest NewsCox Energy formalizes the acquisition of Abengoa and completes the takeover

Cox Energy formalizes the acquisition of Abengoa and completes the takeover

Date: May 30, 2024 Time: 22:46:16

Grupo Cox completes the last step to take control of the Sevillian engineering. This Friday the contract for the acquisition of the autonomous production units of the Abengoa Group of which it was awarded was formalized before a notary in Seville, as reported by the company.

In this process, which has had the collaboration of all the parties involved, the renewable energy group chaired by Enrique Riquelme highlighted the support received from workers and union organizations, as well as from public administrations, the bankruptcy administrator (EY ) and from banking entities to your project and Business Plan (Santander, Caixabank, Crédit Agricole, BBVA, Bankinter and HSBC).

These entities form the group of banks that have reached an agreement for a line of guarantees for a total of 150 million euros and which, in turn, has the support of Cesce. In this way, Abengoa begins a new stage for which he has already seen how the workforce has increased by some 1,700 people, according to Riquelme himself.

Last April, Cox was awarded the assets of Abengoa, one of the main engineering companies in the country with significant activity in the renewable, defense, infrastructure and transmission, and water and other services sectors, and which is present in Europe , United States, Africa and Asia.

The offer presented by Cox Energy was for all business areas and Abengoa’s corporate and was valued at 564 million euros. Sources close to the company indicated that in the weeks following the award, the top executive of Grupo Cox transferred to the Abengoa team his objective of returning to place the company in a leadership position in its sector, for which reason his intention now to accelerate investment in the short term to develop the full potential of the multinational.

This signature comes after having acquired firmness the award order, issued on April 18, 2018 by the Mercantile Court, Seville Section. In this operation, Grupo Cox has received legal advice from the Medina Cuadros Abogados firm and financial advice from Arcano.

Cox Energy trades on the stock market

Cox Energy, the company founded and chaired by Enrique Riquelme, has been listed on BME Growth since July 3, with the aim of expanding its shareholder base and having greater visibility and access to European markets. The company trades on the Spanish stock market, in addition to doing so on BIVA, the Mexican Institutional Stock Exchange, since July 2020, thus starring in the first ‘double listing’ between both markets.

The renewable group has more than 4.7 gigawatts (GW) of installed capacity distributed in 60 projects, among which Meseta de los Andes stands out, a photovoltaic plant located in the Valparaíso region, in Chile, with a capacity of 160 megawatts (MW) and which it put into operation, together with Sonnedix, last June.

Cox Energy is present throughout the value chain: from project development, financing, purchasing materials, operation and maintenance, to asset management and energy supply. The firm is present in Spain, Mexico, Chile Colombia, Central America and the Caribbean. Spain will account for 46% of the group’s portfolio by 2025 with 12 projects and more than 2.2 GW under management.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.
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