Mexican billionaire Carlos Slim pays $624M for controlling stake in FCC construction company

MADRID – Mexican billionaire Carlos Slim will invest 500 million euros ($624 million) in Spanish construction firm FCC and receive a controlling stake in the company.

Fomento de Construcciones y Contratas SA says in a statement Slim’s stake will be 25.6 per cent.

The company’s largest stakeholder, Spaniard Esther Koplowitz, will have her stake reduced from more than 50 per cent to 22.4 per cent.

Slim is making the investment through his Control Empresarial de Capitales SA in a deal that will see FCC’s capital increased by 1 billion euros to reduce debt.

He is also expected to invest 150 million euros to pay Koplowitz for rights to subscribe to the offer and buy new shares.

FCC stock rose nearly 4 per cent to 15.89 euros per share in Madrid after the deal was announced Thursday.


(An earlier version of this story had incorrectly spelled Slim’s last name.)