Qatari Diar Real Estate Investment Company has taken a large equity holding in France’s Vinci Construction Grand Projets in exchange for the transfer of France-based technology firm Cegelec.
Following negotiations that began on 31 August 2009, Qatari Diar agreed to the wholesale transfer of Cegelec in exchange for 31.5 million shares in Vinci, according to a statement on Vinci’s website.
The deal between the two companies also stipulates that Qatari Diar will maintain a five to eight per cent interest in Vinci for at least three years.
Qatari Diar and Vinci are both currently working together on the proposed Qatar-Bahrain causeway project.
Construction is scheduled to start on the $4bn causeway this year (MEED 3:12:09).