September 26, 2016 / 10:31 AM / 2 years ago

Chinese group to buy Spanish firm ACS's Urbaser for up to $1.6 billion

A street sweeper from Urbaser, a waste management company, pushes his garbage cart past a pile of rubbish bags in a street during a strike in Jerez de la Frontera, southern Spain November 21, 2012. REUTERS/Jon Nazca

HONG KONG/BEIJING (Reuters) - A Chinese group has entered into an agreement to buy Spanish builder and services provider ACS’s (ACS.MC) waste treatment firm Urbaser for 1.16 billion to 1.40 billion euros ($1.30-$1.57 billion), the group said on Monday.

The buyer is Firion Investments, an overseas company indirectly controlled by green industry fund Huayu, in which both Jiangsu Dagang Co Ltd (002077.SZ) and China Tianying Inc (000035.SZ) have stakes, according to the companies’ stock exchange filings.

ACS confirmed the sale of Urbaser to Firion, “a society controlled by a Chinese group”.

In June, Spanish media reported that Chinese groups would buy Urbaser for more than 2 billion euros. Jiangsu Dagang was not among those named in the media reports.

Reporting by Meg Shen in HONG KONG and Paul Carsten in BEIJING; Additional reporting by Andres Gonzalez; editing by Susan Thomas

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