France-based Vinci’s EUR 5.2bn bid for Spanish ACS’ industrial services unit is the culmination of a quiet but steady push into energy. But why would ACS sell one of its divisions with the highest prospects for growth? Stefano Berra reports
Vinci has made headlines in recent years with its fast expansion into airports. A global acquisition spree in 2018 and 2019 peaked with the takeover of London’s Gatwick Airport after a decade of “spectacular growth”, in the words of Vinci itself.