The Spanish construction company ACS announced that it has acquired John P. Picone, the American firm that specializes in tunnels and hydraulic works. It reported to the Spanish Securities and Exchange Commission (CNMV) that it will pay $ 131.7 million.
The acquisition, ACS´s third in the United States, was executed by Dragados Construction USA, a Dragados company, which in turn is a wholly owned subsidiary of the Spanish construction firm.
John P. Picone specializes in pubic works, specifically in tunnels and water infrastructures, and is considered among the top three New York companies in the field.
The New York Department of Environmental Protection and the New York Metropolitan Transportation Authority are among its clients. In 2008 company earnings amounted to $ 229.2 million and its gross operating profit was $ 38.1 million.
This deal reinforces ACS´s presence in the U.S., where in December it fully acquired Pulice Construction for € 80 million.