TAQA (Abu Dhabi National Energy Company) to acquire 100% of GS Inima Environment for KRW 1.68tn
Not yet reviewed: summarised from filings and press reports; figures may differ between reports. Please check the original sources.
- Deal value
- $1.2bn
- Stake
- 100%
- Implied 100%
- $1.2bn
- Revenue
- $396m
- Op. income
- —
- Multiples
- PSR 2.9x
Deal value ÷ stake (structure unconfirmed)
2024 · Multiple reports agree
2024 · Multiple reports agree
On implied equity value
- Target
- GS Inima Environment · Water treatment / desalination
- Buyer
- TAQA (Abu Dhabi National Energy Company) · SI
- Seller
- GS E&C
- Structure
- —
- Announced
- Aug 22, 2025
- Closed
- —
- Stage
- Signed
Target
GS Inima is a Spain-based water company engaged in seawater desalination, wastewater treatment and related infrastructure in Brazil, the Middle East and Europe. 2024 revenue was KRW 573.6bn with net income of KRW 55.8bn; company-reported EBITDA was EUR 106m (about KRW 173bn) and backlog EUR 10.44bn.
Deal rationale
GS E&C said on 22 Aug 2025 it signed an SPA to sell 100% of GS Inima, held via subsidiary Global Water Solutions, to Abu Dhabi's TAQA at an enterprise value of USD 1.2bn (about KRW 1.677tn), describing it as part of a 'select and focus' strategy to expand investment capacity in core businesses. GS E&C bought 80.4% in 2012 for EUR 184m (about KRW 268bn) and later raised its stake to 100%.
| Revenue | $396m |
| Operating income | — |
| EBITDA | $119m |
| Net income | $39m |
2024 · Multiple reports agree (not yet checked against DART)
Press coverage
- 더팩트 (2025-08-26): “지난해 기준 매출 5736억원, 당기순이익 558억원을 거두며 알짜 자회사로 평가받았다.”
- KED Global (2025-08-22): “agreed to sell its Spanish water treatment arm GS Inima Environment SA for $1.2 billion”
- 아시아경제 (2025-08-25): “거래 규모는 12억달러(약 1조6770억원) 수준이다.”
- 더구루 (2025-04-29): “상각전영업이익(EBITDA)은 1억600만 유로(약 1730억원)를 기록했다”
- 한경비즈니스 (2025-08-25): “2012년 1억8400만 유로(당시 약 2680억 원)에 지분을 인수”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.