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On 26 February 2014, Spain-based Aguas de Barcelona (Agbar) announced the sale of a 33.4% stake in Canaragua Concesiones S.A. to Itochu Corporation of Japan.
The deal is the second between Agbar and Itochu and mirrors its previously established Bristol Water partnership in the UK, where Itochu took a minority stake. In May 2012, Itochu purchased 20% of Bristol Water for £43.5 million from Capstone Infrastructure Corporation to become a 30% stakeholder in the utility.
Bluefield Takeaways
- Agbar advances concession business restructuring, frees up capital for new projects
- Itochu extends Europe water concession position through Agbar partnership
- Spanish concessions become a new target for expanding Japanese players
