John P. Picone's portfolio includes work on tunnels for the Croton water treatment plant in the Bron

John P. Picone's portfolio includes work on tunnels for the Croton water treatment plant in the Bronx. It is thought to be the largest single water-related construciton project in New York's history.

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.

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