Isolux acquires Corsán-Corviam

After an auction process lasting six months, the engineering group Isolux has acquired the construction firm Corsán-Corviam. The group will pay E325m for a 90% shareholding in the company, E5m more than the sum offered by the construction firm San José.Isolux and a private equity consortium of Dinamia, 3i and MCH were the two remaining groups in the final round of bidding. However, the situation changed when the shareholders of Corsán-Corviam decided to accept two unexpected last minute bids from construction firms San José and Somersen. Dinamia, 3i and MCH later pulled-out of the bidding process after failing to reach an agreement with the firm's management team.

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• Southern Europe