France's engineering and infrastructure operator Vinci made a non-binding offer to Spanish rival ACS for its industrial unit that values the unit at €5.2 billion, the Spanish firm has said.
The offer has been evaluated by ACS's board, who has decided to proceed with negotiations, the Madrid-based company said in a filing to the local stock market regulator.
Vinci has offered to pay at least €2.8 billion in cash and the rest in Vinci shares, the filing said.
ACS's industrial division, which comprises engineering and public works activities, renewable energy projects and concession contracts, has booked sales worth €6.3 billion in 2019.
In Ireland Vinci co-owns the company that operates the M50 tolling system. It also runs a number of small construction firms in Cork and Kildare.
Vinci also operates Belfast International Airport, and has a 50% stake in London Gatwick.
