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Spain's OHL has signed a contract to sell off its water and environment subsidiary Inima to South Korean firm GS Engineering & Construction Corporation.
The deal is priced at 231mn euros (US$311mn) and GS will finalize the acquisition process early next year. OHL will use the proceeds from the deal to help reduce its net debt, the company said in a release.
The deal was assessed by BBVA, investment bank GBS Finanzas and global law firm Linklaters.
In Latin America, Inima has a presence in Mexico, Colombia, Peru , Chile and Brazil. The company's sales hit 130mn euros last year.
The firm was recently awarded a contract to design, build and operate Mexico's El Salitral desalination plant in Ensenada, Baja California state.
The OHL subsidiary also operates a desalination plant in Los Cabos in Baja California Sur state, and leads a consortium that will carry out a US$67.9mn wastewater treatment project in Brazil's Campos do Jordão city, São Paulo state.