Global law firm Freshfields has advised Canada Pension Plan Investment Board (CPPIB) on the acquisition of 25% of the share capital of FCC Servicios Medio Ambiente Holding (FCC Enviro) from Fomento de Construcciones y Contratas (FCC) valued at €1bn.

The Canadian pension fund acquired a stake in FCC Enviro in 2023 when it purchased 24.99% of the company for €965m, a transaction in which Freshfields also acted as legal advisor.

Following completion of the transaction, CPPIB will indirectly hold 49.99% of the share capital of FCC Enviro and FCC will hold the remaining 50.01%.

CPPIB is a professional investment management organization that manages the Canada Pension Plan Fund in the best interest of the more than 22 million contributors and beneficiaries. In order to build diversified portfolios of assets, they make investments around the world in public equities, private equities, real estate, infrastructure, fixed income and alternative strategies including in partnership with funds. CPPIB is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At June 30, 2025, the Fund totalled C$731.7 billion.

The transaction was led from Madrid by partner Armando Albarrán, together with senior associate Mario Pacini, associate Alberto Broseta and trainee Xabier León. From the Finance department, partners Aled Batey and Ana López and associate Inés Colás participated. Partner Bosco Montejo and senior associate Álvaro Fernández advised in relation to tax regulations. Of Counsel Ignacio Borrego and associate Pilar Aguilar have advised on Spanish regulatory aspects of the transaction. From Amsterdam, partners Paul Van Den Berg and Álvaro Pliego, together with associate Rosa Warning, provided advice on competition law issues.