Microsoft chairman Bill Gates has bought a 6% stake in Spain-based construction company Fomento de Construcciones y Contratas SA (FCC). FCC said that one or more entities that are linked to Gates bought the 6% stake. This deal is worth 113.5 million euros ($155 million U.S.). Gates is now the second largest shareholder of FCC after Spanish businesswoman Ester Koplowitz. Construction businesses in Spain has been suffering ever since the Spain real estate financial crisis in 2008.
FCC has projects across the world and even won a 6-billion euro contract to build a new metro in Riyadh, Saudi Arabia. FCC’s activities includes the collection, treatment, and elimination of solid urban waste, street cleaning, buildings maintenance, urban transport, treatment, and elimination of industrial waste. Aside from real estate development, FCC is also active in the renewable energy industry.
Yesterday, the FCC released a statement saying:
“FCC has sold 7,638,198 shares that the Group had in treasury stock, equivalent to 6.0% of capital. The buyer is one or more entities related to William H.Gates III. The transaction was performed at the closing market price of Friday 18 October, i.e.14.865 euro per share, totaling 113,541,813 euro.”