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Marubeni Adds Brazil, Portugal Private Water Stakes to Portfolio

01 July 2014
Research Note

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.

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

Companies Mentioned

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