Vinci Signs Definitive Agreement with ACS for Cobra IS Acquisition

Vinci has reached a definitive agreement with ACS to acquire Cobra IS, with an additional price of €380m, of which €300m is to be paid in cash. The agreement does not include the creation of a joint venture for new renewable energy projects. The total value of the acquisition is €5.3bn, with €4.6bn being enterprise value. The deal will not have a significant impact on Vinci's financial statements.

Paris, July 2, 2025 – Vinci and ACS have signed a definitive agreement to finalize the acquisition of Cobra IS, with an additional earn-out of €380 million. Of this amount, €300 million will be paid in cash by Vinci. The agreement also includes the termination of a joint venture intended for new renewable energy projects.

The total value of the acquisition, including Cobra IS’ cash position and various adjustments, stands at €5.3 billion. The enterprise value at the time of the acquisition was €4.6 billion [1].

The earn-out, originally planned for each new “Ready to Build” renewable energy development by Cobra IS up to a cap of €600 million, has been fixed at €380 million. This agreement will not have a significant impact on Vinci’s financial statements, as the elements have already been accounted for in previous fiscal years.

The press release from the VINCI Group confirms that the termination of the joint venture agreement does not affect the financial statements of Vinci. The total value of the acquisition, including the earn-out, remains €5.3 billion.

References:
[1] https://www.globenewswire.com/news-release/2025/08/08/3130257/0/en/VINCI-and-ACS-sign-final-agreement-for-the-acquisition-of-Cobra-IS.html