Spain’s FCC has agreed to sell a 25-per-cent stake in its environmental subsidiary FCC Enviro to Canadian pension fund CPP Investments for €1-billion, it said late on Thursday.

Following the deal, the construction and infrastructure company FCC, majority-owned by Mexican billionaire Carlos Slim, will retain a 50.01 per cent stake in its subsidiary, while CPP will increase its stake to 49.99 per cent, the company added.

In a statement, FCC said it intended to use the proceeds to address strategic opportunities and corporate needs.

FCC Enviro and its domestic and international subsidiaries carry out environmental services activities through four main platforms.

The transaction is subject to regulatory approvals.

In 2023, FCC sold around a quarter of its environmental subsidiary to CPP

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