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On 25 June 2014, Marubeni Corporation of Japan and Innovation Network Corporation of Japan (INCJ) confirmed their 100% acquisition of Portuguese water network operator Administração e Gestão de Sistemas de Salubridade S.A. (AGS) from Somague, a Portuguese subsidiary of Spanish construction group Sacyr S.A. for an estimated €70 million. Marubeni and INCJ each will hold 50% of the firm. INCJ is a 95% public, 5% private venture between the Japanese government and 26 large corporations, including Marubeni.
Bluefield Takeaways
- AGS provides a starting point for Brazil expansion
- Beyond Brazil, AGS acquisition offers smaller growth opportunity in home market Portugal
- Leveraging SGA into other markets depends on portfolio synergies, EPC links
