Dubai – Abu Dhabi National Energy Company (Taqa) has completed a $1.2 billion deal to acquire Spain’s GS Inima, a leading water treatment and desalination company, marking a significant step in its international growth strategy.
The purchase from GS Engineering & Construction gives Taqa 100% ownership of GS Inima, which operates nearly 50 active projects across 10 countries, including the U.S., Oman, Brazil, and Mexico. Around 30 of these are long-term public-private partnerships, providing the company with steady and predictable cash flows.
Taqa said the acquisition would accelerate its ambition to become a global leader in water services. “Together, we will accelerate our ambition to become a leading international water player, expanding our reach and capabilities across strategic growth markets in the Middle East, Europe, and the Americas,” said Jasim Husain Thabet, Taqa’s Group CEO and Managing Director.
In 2024, GS Inima reported revenues of €389 million and EBITDA of €106 million. With the majority of its portfolio backed by long-term concession agreements, the deal is expected to provide strong contributions to Taqa’s earnings on closing.
The acquisition follows Taqa’s recent moves to expand its water business. Over the past year, it acquired Sustainable Water Solutions Holding, now operating as Taqa Water Solution, to strengthen its presence in wastewater and recycled water.
Analysts say the latest deal gives Taqa immediate access to high-growth global markets and reinforces its position as a key international utility player. On the Abu Dhabi Securities Exchange (ADX), Taqa shares traded at Dh3.35, showing a 7.7% rise in the past six months despite a slight year-to-date dip.
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