Spain's ACS has acquired a controlling share in New York, US-based contractor John P. Picone and plans to buy all outstanding shares in the business.
The company has so far paid US$ 68.2 million for an 80% share in privately owned John P Picone, and has agreed to acquire the remaining 20% for US$ 25.4 million for a total purchase price of US$ 93.6 million.
John P Picone specialises in civil engineering - mainly tunnels and water-related infrastructure - in the New York area. As such, its main clients are the New York Department of Environmental Protection and the New York Metropolitan Transport Authority.
According to ACS, John P Picone had revenues of US$ 229 million in the 2008 fiscal year and achieved earnings before interest, tax, depreciation and amortisation (EBITDA) of US$ 38.1 billion. It's order book as of 1 December stood at more than US$ 800 million.
The acquisition is being made through one of ACS's US subsidiaries, Dragados Construction USA Inc.