FCC Aqualia, a Spanish water management business, paid 157.4 million euros for an 80% economic stake in Georgia Global Utilities, a Tbilisi-based water utility and renewable energy holding that serves almost 1.4 million people in Georgia.

Georgian Water and Power, a parent business of Georgia Global Utilities, provides potable water to 510,000 customers in Tbilisi, the capital, and Mtskheta.

The GGU also owns Rustavi Water, which offers water and drainage services to about 53,000 residential and non-residential clients in the Kvemo Kartli area, including the cities of Rustavi and Gardabani and Marneuli.

The Spanish corporation has bought a 65% interest in the GGU, comprising the water utility and renewable energy assets, in today's 157.4 million euros transaction, while Georgia Capital retains 35% of the shares.

However, subject to antitrust approval, the GGU will spin off its renewable energy assets in the second stage of the deal, leaving only the water utilities company and four HPPs involved with water cycle infrastructures. Aqualia will possess 80% of GGU after the demerger, while Georgian Capital would own only 20%.

The second phase is scheduled to be completed in July-August 2022, according to the Georgian capital.

FCC Aqualia and Georgian Capital have also issued put and call options for the remaining 20%, which are exercisable in 2025 or 2026, according to the Spanish company.

Georgia Capital describes itself as a "platform for purchasing, creating, and developing enterprises in Georgia."

FCC Aqualia, on the other hand, is a water management corporation that serves 30 million people in 17 countries, including Algeria, Saudi Arabia, Colombia, Chile, Egypt, Spain, France, Italy, Mexico, Oman, Portugal, Qatar, the Czech Republic, Romania, and Tunisia.