Canada Pension Plan Investment Board (CPP Investments) is investing €1bn to acquire an additional 25% stake in FCC Group’s environmental services division to become an equal shareholder alongside FCC.
The latest deal gives CPP Investments a 49% interest in Spain’s FCC Servicios Medio Ambiente (FCC Enviro) alongside FCC, which retains 50.01%. The Canadian investor first invested in FCC Enviro in 2023, paying €965m for a 24.99% stake.
FCC Enviro operates across the waste value chain – from collections and treatment to recycling, recovery and disposal – and provides services to more than 78m people across 12 countries.
James Bryce, managing director and head of infrastructure at CPP Investments, said: “Increasing our stake in FCC Enviro deepens our commitment to a proven platform that plays a unique role in advancing the global circular economy. FCC Enviro’s differentiated scale and proven track record provide a compelling foundation for continued growth.
“This transaction is aligned with our strategy to invest behind key thematic trends, such as the circular economy, to generate attractive risk-adjusted returns for the CPP’s 22m contributors and beneficiaries in Canada.”
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