Spanish construction company Fomento de Construcciones y Contratas, S.A. (FCC) and Carlos Slim's group Carso Infraestructuras Y Construcción have created a 50/50 joint venture (JV) for the development of projects in America.
Carlos Slim currently holds a 26.5% stake in FCC, which promotes alliances between the Spanish construction firm and Carlos Slim's real estate group.
The new JV will not develop projects in Mexico, a country where Carso has several important projects. It is also expected that FCC will decrease its activities in Mexico.
The JV will be focusing on the construction business in North America and LATAM, excluding Mexico. In the future the JV's focus could be extended to other businesses.
In May this year FCC launched a new concession unit which will be led by Antonio de Santiago. The new unit will be named FCC Concesiones and will be fully owned by FCC. However, according to sources, it could be sold partly to FCC's partner Carlos Slim.
FCC Concesiones will be focusing on infrastructure concessions such as railways, ports and roads globally, but especially in the LATAM region.