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.