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Germany's Hochtief, Spain's ACS merge US subsidiaries

Reuters
·1 min read

(Reuters) - Germany's largest construction group Hochtief and its Spanish parent ACS will merge their North American subsidiaries Flatiron and Dragados to create the second-largest civil engineering and construction company in the United States.

The new company, which will be called Flatiron Dragados, will be the second-largest civil engineering and construction company in the United States, Hochtief said on Tuesday.

The two construction firms have agreed that ownership will be made up by 61.8% by ACS Group and 38.2% by Hochtief.

"Bringing together Flatiron and Dragados creates a strong platform for organic growth in North America," said Hochtief CEO Juan Santamaria.

The Spanish conglomerate ACS already holds more than 75% of the shares in Hochtief.

The new company will be managed by Peter Davoren as chairman and by current CEO of Flatiron, Javier Sevilla, as CEO.

(Reporting by Marleen Kaesebier and Matthias Inverardi; Editing by Miranda Murray)