China Energy buys two Spanish construction firms

23 January 2020 - 12:00 am UTC

China Energy Engineering Corporation yesterday said it has bought Spanish construction firms Empresarios Agrupados Internacional (EAI) and GHESA Ingeniería y Tecnología.

The purchases were made through subsidiary China Energy Engineering Group Planning & Engineering, according to a company statement which did not disclose the value of the transactions. 

Both target companies were previously owned by construction-focused subsidiaries of three Spanish power and energy majors: Naturgy Engineering, Iberdrola Ingeniería y Construcción and Técnicas Reunidas. 

The takeovers will enhance the Beijing-based company’s project investment and financing capabilities as well as technology knowhow as it expands globally, the statement said. China Energy will help the two Spanish firms establish a standardised board structure and cultivate a talent team, the statement cited Luo Bixiong, general manager of China Energy Engineering Group Planning & Engineering, as saying.

“We will try our best to respect the existing management frameworks and company cultures of EAI and GHESA,” Luo said.

China Energy Engineering Group Planning & Engineering also signed an agreement with the Barcelona branch of the China Construction Bank on overseas business collaboration, the statement said. 

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