On October 9, 2025, Canada Pension Plan Investment Board (CPP Investments) has signed an agreement to acquire an additional 25% interest in FCC Servicios Medio Ambiente Holding, S.A.U. (FCC Enviro), the environmental services division of FCC Group, for €1.0 billion (approximately C$1.6 billion). Upon completion of the transaction, CPP Investments will hold a 49.99% stake in FCC Enviro, while FCC Group will retain a 50.01% interest. FCC Enviro is one of the world’s largest vertically integrated environmental services companies, operating across the waste value chain—including collection, treatment, recycling, recovery, and disposal—and providing essential services to more than 78 million people in 12 countries. Since CPP Investments’ initial investment in 2023, FCC Enviro has demonstrated strong performance, expanding its market presence through four strategic acquisitions, including its first investment in France and entry into the US energy-from-waste sector. James Bryce, Managing Director and Head of Infrastructure at CPP Investments, emphasized that increasing their stake in FCC Enviro aligns with CPP’s strategy to invest in key thematic trends such as the circular economy, aiming to generate attractive risk-adjusted returns for the CPP’s 22 million contributors and beneficiaries in Canada.

The closing of the transaction is subject to customary closing conditions and regulatory approvals.

Freshfields is advising CPP Investments on the acquisition, while A&O Shearman is advising FCC Group.