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ACS Group

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ACS, Actividades de Construcción y Servicios, S.A.
Company typePublic (Sociedad Anónima)
BMAD: ACS
ISINES0167050915
IndustryCivil engineering
Founded1997; 27 years ago (1997)
Madrid, Spain
Headquarters
Madrid
,
Spain
Key people
Florentino Pérez
(Chairman)
ServicesPublic works, residential and non-residential construction, transport infrastructure concessions, facility management, environmental services, logistics, industrial services
RevenueDecrease €27.8 billion (2021)[1]
Increase €1.02 billion (2021)[1]
Increase €0.72 billion (2021)[1]
Total assetsDecrease €35.6 billion (2021)[1]
Total equityIncrease €7.02 billion (2021)[1]
OwnerFlorentino Pérez (12.5%)[2]
Number of employees
122,502 (2021)[1]
Websitewww.grupoacs.com Edit this at Wikidata

ACS, Actividades de Construcción y Servicios, S.A. (Spanish pronunciation: [aθeˈese]) is a Spanish company dedicated to civil engineering, construction, all types of services and telecommunications. It is one of the leading construction companies in the world, with projects in many countries around the world. The company was founded in 1997 through the merger of OCP Construcciones, S.A. and Ginés Navarro Construcciones, S.A. The group has a presence in the United States, Germany, India, Brazil, Chile, Morocco and Australia. The headquarters are in Madrid and the chairperson is Florentino Pérez. Listed on the Bolsa de Madrid, the company's shares form part of the IBEX 35 stock market index.

History

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The company was formed when a team of engineers acquired Construcciones Padrós S.A., a construction business which had been in financial difficulty, in 1983. The company acquired a majority holding in Cobra, a support services business, and merged with OCISA S.A. to create OCP Construcciones, S.A. In 1993, it went on to merge with Ginés Navarro Construcciones, S.A. to create Grupo ACS in 1997.[3] It subsequently bought Onyx SCL, an environmental contractor in 1999 and stakes in Xfera and Broadnet, telecommunications businesses in 2000 before going on to acquire Dragados S.A., a large contractor established during the Second World War to dredge the Port of Tarifa and which had subsequently gained extensive experience in hydro-electric and civil engineering work, in 2003.[4]

During 2005, ACS entered the US market via the establishment of Dragados USA, a wholly-owned subsidiary of Dragados S.A.[5] One of the first undertakings of the newly formed branch was a successful bid for the New York City's Metropolitan Transportation Authority (MTA) East Side Access Manhattan Tunnels project, being awarded an initial contract valued at $428 million.[6][7] In April 2008, the MTA awarded another contract, valued at $506 million, to the company.[8] Separate undertakings by the company included the Harbor Bridge Project,[9] and the Maryland's Purple Line.[10][11]

During 2006, the company acquired 22.0% of the Spanish utility company Unión Fenosa; its stake in the business was subsequently increased to 45%); two years later, ACS Group opted to divest its stake to Gas Natural.[12][13]

In September 2011, ACS Group issued an offer to purchase a controlling stake in German rival Hochtief;[14] the latter mounted an unsuccessful challenge to this approach.[15][16] During April 2011, the firm raised its stake in Hochtief to 50.16%, effectively acquiring the company.[17]

During 2017, the company participated in a bidding war to acquire the toll road management business Abertis.[18][19] In October 2018, ACS Group joined with the Italian holding firm Atlantia to undertake a 16.5 billion euro ($19 billion) acquisition of Abertis as part of its ambition to build the world's largest toll road group;[20] the transaction was approved by the European Commission.[21] Two years later, under the company's strategy of continuous rotation of mature assets to generate resources for new projects, ACS Group sold a 74% stake in a batch of six tranches of ‘shadow toll’ highways in Spain to Hermes for €950 million.[22]

In October 2020, ACS Group announced that it had received a €5.2 billion ($6.08 billion) bid from the French infrastructure group Vinci SA for its ACS Industrial division;[23] this transaction was completed during the following year.[24] Additional arrangements between the two companies led to the creation of a joint venture focused on the renewable energy sector.[25]

During 2021, ACS Group conducted an internal review to simplify its structure and allegedly considered spinning out its construction business; around this time, the company was focused on increasing its toll road division within the European market.[26] In April of that year, it made an approach to purchase Atlantia's 88% stake in motorway division Autostrade per l'Italia, which valued the business at 9 billion-10 billion euros ($10.7 billion-$11.9 billion).[27] In September 2022, Atlantia sold its 14.46% stake in Hochtief to ACS Group in exchange for 577.8 million euros ($576.9 million).[28]

In July 2022, the company was fined €57.1 million, along with five other contractors, by the Comisión Nacional de los Mercados y la Competencia (CNMC) for bidding collusion in public tenders for building and civil infrastructure works.[29]

On 30 July 2024, ACS Group and Hochtief announced that Dragados North America would be integrated with Flatiron. The combined company, Flatiron Dragados, would be held 61.8% by ACS and 38.2% by Hochtief.[30][31] That same year, ACS Group reported that it had achieved better than expected results, which was largely attributed to its construction portfolio in the United States and Australia, particularly its toll road interests.[32]

Divisions

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Construction

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  • Dragados North America
    • Dragados USA
    • Dragados Canada
  • VYCSA
  • Roura & Cevasa
  • Electren
  • Constru-Rail
  • Edileuropa Di Stivaletti Michele
  • TECSA
  • Drace
  • Dravosa
  • GEOCISA
  • COGESA
  • Dycvensa
  • Dycasa
  • Pol-Aqua
  • Hochtief (66.5%)

Infrastructure

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  • Iridium Concesiones de Infraestructuras

Industrial companies

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  • Grupo Cobra
  • Grupo Etra
  • Etra air
  • SEMI S.A.
  • IMESAPI
  • EYRA
  • CYMI
  • Dragados OFFSHORE
  • GRUPO MAESSA
  • Maetel
  • Grupo MAESSA Arabia Saudi Ltd
  • Intecsa Industrial
  • Initec Energía
  • SICE

Services

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  • Clece
  • Dragados SPL
  • Continental-Rail

Minority Investments

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Head offices of Dragados (Madrid), a construction company acquired by ACS in 2003

Significant projects

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Major projects involving the company have included the Alqueva Dam completed in 2002,[33] the Palau de les Arts Reina Sofia completed in 2005,[34] the Torre Agbar completed in 2005,[35] the Torre de Cristal completed in 2008,[36] the Torre Caja Madrid completed in 2008,[37] the LGV Perpignan–Figueres High Speed railway completed in 2009,[38] the Portugués Dam in Ponce, Puerto Rico completed in 2014[39] and the Crescent Dunes Solar Energy Project completed in 2016.[40]

References

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  1. ^ a b c d e f "Integrated Report of ACS Group.2021" (PDF). Retrieved 30 May 2022.
  2. ^ "ACS Actividades de Constrccn y Srvcos SA company : Shareholders, managers and business summary | Mercado Continuo Espanol: ACS". 4-Traders. Retrieved 1 November 2016.
  3. ^ "In Spain, a Debt Crisis Built on Corporate Borrowing". The New York Times. 9 May 2012. Retrieved 31 March 2013.
  4. ^ "Spanish merger approved". The Times. UK. 11 April 2011. Archived from the original on 12 June 2011. Retrieved 2 December 2011.
  5. ^ "About Dragados USA". dragados-usa.com. Retrieved 2 August 2024.
  6. ^ "Dragados has been awarded the first contract of the New York Subway extension plan". 10 July 2006.
  7. ^ "East Side Access Quarterly Report Q3 2009" (PDF). Metropolitan Transportation Authority. September 2009. p. 16. Archived (PDF) from the original on 27 June 2016. Retrieved 5 February 2018.
  8. ^ "East Side Access Quarterly Report Q3 2009" (PDF). Metropolitan Transportation Authority. September 2009. p. 16. Archived (PDF) from the original on 27 June 2016. Retrieved 5 February 2018.
  9. ^ Tyson, Daniel (10 April 2023). "Design Issues Resolved in Delayed $1B Corpus Christi Harbor Bridge". Engineering News-Record.
  10. ^ Shaver, Katherine (5 November 2021). "New Purple Line contractors selected to resume full construction this spring". The Washington Post. Archived from the original on 5 November 2021. Retrieved 8 November 2021.
  11. ^ "New construction contract for Maryland's Purple Line signed". The Washington Post. 14 April 2022. Archived from the original on 5 July 2022. Retrieved 21 April 2022.
  12. ^ "ACS vetoes tie-up". The Times. UK. 11 April 2011. Archived from the original on 12 June 2011. Retrieved 2 December 2011.
  13. ^ "ACS hopes to sell Union Fenosa by mid-Sept". Reuters. 21 July 2008.
  14. ^ "ACS bids for control of Hochtief". building.co.uk. 24 September 2010.
  15. ^ "Spain's ACS Secures Crucial Stake in Rival Hochtief". spiegel.de. 4 January 2011.
  16. ^ Guthrie, Sandy (27 January 2011). "ACS wins another round". constructionbriefing.com.
  17. ^ "Hochtief website". The Times. UK. 11 April 2011. Retrieved 2 December 2011.[dead link‍]
  18. ^ "ACS group studying counter-offer for Abertis". bnamericas.com. 25 July 2017.
  19. ^ "ACS and Atlantia agree to share $22.4bn Abertis, ending bitter bidding war". globalconstructionreview.com. 16 March 2018.
  20. ^ "Atlantia, ACS complete 16.5 billion euro acquisition of Spain's Abertis". Reuters. 29 October 2018.
  21. ^ "Mergers: Commission approves the proposed acquisition of Abertis by ACS and Atlantia". European Commission. 6 July 2018.
  22. ^ "CS Sells 74% Of Its Six 'Shadow Toll' Motorways In Spain For €950 M". thecorner.eu. 29 April 2020.
  23. ^ Sánchez Molina, Pilar (2 October 2020). "ACS Group to sell renewables unit to France's Vinci". pv-magazine.com.
  24. ^ "Vinci completes the acquisition of ACS's energy business (Cobra IS)". Vinci SA. 31 December 2021.
  25. ^ "The Spanish Acs and the French Vinci consolidate the alliance in the development of renewables". agenzianova.com. 18 September 2023.
  26. ^ Orihuela, Rodrigo (13 April 2021). "ACS Weighs Construction Spinoff Amid Toll Roads Focus". Bloomberg.
  27. ^ "Spain's ACS confirms bid for Atlantia's stake in motorway unit". Reuters. 9 April 2021.
  28. ^ "Atlantia sells Hochtief stake to ACS for 578 mln euros". Reuters. 15 September 2022.
  29. ^ "Spain's six top builders fined, restricted over bidding collusion". Reuters. 7 July 2022. Retrieved 15 March 2024.
  30. ^ Evans, Jason (30 July 2024). "Integration of Flatiron and Dragados North America Civil Construction businesses to create value for HOCHTIEF and ACS". Flatiron. Retrieved 30 July 2024.
  31. ^ "Germany's Hochtief, Spain's ACS merge US subsidiaries". Reuters. 30 July 2024.
  32. ^ Pons, Corina (29 February 2024). "ACS posts 17% rise in 2023 profit stoked by construction overseas". Reuters.
  33. ^ "Alqueva Dam on Structurae database" (in German). En.structurae.de. Retrieved 2 December 2011.
  34. ^ "Palau de les Arts Reina Sofía on Structurae database" (in German). En.structurae.de. 27 November 2008. Retrieved 2 December 2011.
  35. ^ "Torre Agbar on Structurae database" (in German). En.structurae.de. Retrieved 2 December 2011.
  36. ^ "Torre de Crystal on Structurae database" (in German). En.structurae.de. Retrieved 2 December 2011.
  37. ^ "Torre Caja Madrid on Structurae database" (in German). En.structurae.de. 27 November 2008. Retrieved 2 December 2011.
  38. ^ "LGV Perpignan-Figueras on Structurae database" (in German). En.structurae.de. Retrieved 2 December 2011.
  39. ^ "Portugues Dam" (PDF). Archived from the original (PDF) on 27 September 2011. Retrieved 2 December 2011.
  40. ^ "Crescent Dunes Solar Energy Project". Power Technology. Retrieved 5 February 2020.
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