Bill Gates buys 6% stake in FCC parent company

FCC confirmed yesterday (October 22) that it had sold 7,638,198 shares equivalent to 6% capital to the fund related to William H. Gate III. The transaction was performed at the closing of the market place on Friday 18 October for 14.865 (12.56) per share, totalling 113,541,813 (96,688,801.70).

Under the accounting standards, this transaction represents an increase in the shareholders’ equity of Fomento de Construcciones y Contratas S.A. by the amount transferred, but there is no impact on income for the year. Following this transaction, there are 242,031 shares in treasury stock, equivalent to 0.19% of capital.

FCC, the parent company of recycling and waste management firm FCC Environment, has recently expanded its operations in the UK by winning a number of major infrastructure contracts including the 600 million Mersey Gateway Bridge and a 280 million motor racing circuit in Wales.

FCC Environment

FCC Environment is made up of Waste Recycling Group and Focsa Services UK which rebranded in May 2012 in recognition of their parent company (see letsrecycle.com story). FCC bought WRG, the largest operator of landfill in the UK, in 2006 for 1.4 billion (see letsrecycle.com story).

On the waste and recycling side, FCC Environment employs 2,400 people and operates more than 200 facilities across England, Scotland and Wales. The firm undertakes a variety of operations including municipal and business waste and recycling processing, renewable energy production and waste disposal.

The firm has enjoyed success in recent months after signing a 30-year multimillion pound contract with Buckinghamshire county council which includes the development of an energy-from-waste incinerator at Greatmoor, near Aylesbury (see letsrecycle.com story). FCC Environment was also in the front-running to win the North London Waste Authoritys multi-billion pound waste services contract, but lost out after the Authority opted to scrap its procurement in favour of cheaper alternatives (see letsrecycle.com story).