ACS increases control of Hochtief

The Spanish construction giant has acquired another stake in the German firm.

ACS Group has acquired 4.050.000 shares of Hochtief AG, representing 5.84% of its share capital, at a price of €77 ($87) per share. 

With this acquisition, the total number of shares of Hochtief held by ACS is now a total of 46.118.122 shares, representing 66.54% of its share capital.

This transaction comes after the Qatar Investment Authority (QIA) sold its 10% stake in Hochtief for about $614m, allowing ACS to strengthen its control of the group which owns Turner and Flatiron, among other construction firms and P3 developers.