Abu Dhabi’s state-owned energy giant, Taqa, has successfully entered the Spanish market by acquiring GS Inima, a global water treatment company, in a deal valued at approximately $1.2 billion (€1.023 billion). This move marks Taqa’s first major investment in Spain after its widely reported, but ultimately unsuccessful, bid for the Spanish energy company Naturgy.

Deal Background and Financials

The transaction sees South Korea’s GS Engineering & Construction sell its entire stake in GS Inima, which it had held through its subsidiary, Global Water Solutions. The Korean firm had originally purchased Inima from Spain’s OHLA back in 2011 for €231 million, as part of OHLA’s strategy to divest non-core assets under its former chairman, Juan Miguel Villar Mir.

The sale process, managed by Goldman Sachs, began in early 2024. By the end of that year, Taqa and the Canadian financial institution Caisse de dépôt et placement du Québec (CDPQ) emerged as the final two bidders. The negotiations continued for nearly a year, with South Korean media reporting in early 2025 that talks with Taqa were in an advanced stage.

GS Inima closed 2024 with revenues of €389 million and an EBITDA of €106 million. Taqa has stated that the acquisition will have a significant positive impact on its earnings, with Inima’s portfolio of long-term concessions, which include mechanisms for inflation adjustment, providing stable and predictable revenue streams.

A Strategic Move for Global Growth

This acquisition is a key step in Taqa’s global expansion strategy. Jasim Husain Thabet, Taqa’s CEO, described the deal as “a transformative step in Taqa’s growth strategy and its water strategy.” He added, “Together, we will accelerate our ambition to become a leading international player in the water sector, expanding our reach and capabilities in strategic growth markets in the Middle East, Europe, and the Americas.”

Taqa, formerly known as Abu Dhabi National Energy Company, has been actively pursuing international deals. In April, the company acquired UK-based Transmission Investment, a major operator of assets connecting offshore wind farms to the national grid. Despite the failed Naturgy bid last year, which could have been valued at up to €24 billion, sources reported in March that Taqa has renewed its interest in the Spanish utility, indicating the deal may not be completely off the table.

Inima’s Global Footprint

Headquartered in Madrid, GS Inima has a significant international presence, operating in ten countries including Spain, Brazil, the United States, Mexico, Chile, Oman, Vietnam, South Korea, Morocco, and Algeria. The company manages 50 water-related projects, featuring a mix of water treatment plants, desalination facilities, and even an urban solid waste management plant. About thirty of these projects are public-private management contracts. This diverse portfolio provides Taqa with immediate access to several key international markets.

The company is committed to developing large-scale infrastructure projects that promote long-term water security, with significant projects already underway in Morocco and Uzbekistan. The acquisition is expected to formally close in 2026, pending regulatory approvals and other standard conditions.