GyM increases stake in Adexus

Peruvian engineering and infrastructure holding Graña y Montero (GyM) has increased its stake in Chilean systems integrator Adexus to 91% from 52%.

GyM bought into Adexus in 2015 taking initially a 44% stake which it increased to 52% in January this year. The acquisition is part of a goal to become the leader in infrastructure services in the Andean region.

Traded on both the Lima and New York stock exchanges, GyM is a strong player in the construction sector and also in electrical and telecommunications services through Compañía Americana de Multiservicios (CAM).

Adexus is GyM's fourth acquisition in Chile.

In 2013, GyM spent US$41mn to acquire DSD Construcciones y Montajes, a company specialized in electromechanics and structures and services for the energy, oil and gas, wood pulp and mining sectors.

A year earlier the company acquired 80% of mining construction company Vial y Vives, and in 2011, it acquired CAM, a company that offers engineering, operation and maintenance services for utilities.

Now the focus is on strengthening the ICT services sector to complete a vision of offering end-to-end infrastructure services.​

The company also announced the new Adexus board: Jaime Dasso who is the general manager of GyM's services unit will be the chairperson. The other board members are Klaus Winkler (VP of CAM Chile), Fernando Concha (former CEO of Citibank Chile and current director of Itaú CorpBanca Chile) and Jorge Atton (former CEO of Telefónica del Sur, former Chile telecom regulator and current director of Endesa and Television Nacional de Chile).

In the third quarter, GyM posted a profit of 35mn soles (US$10mn) compared with a loss of 33mn soles a year earlier.