Taqa in the $1.2 billion purchase of GS Inima: Advisors

The state-owned Abu Dhabi National Energy Company (Taqa) has announced the acquisition of 100% of GS Inima Environment, the Spanish water treatment subsidiary of the South Korean group GS Engineering & Construction (GS E&C), for approximately $1.2 billion.

The transaction, officially announced on August 25, 2025, represents a strategic step in TAQA’s international expansion and its goal of consolidating its position as one of the world’s leading providers of low-emission water solutions.

GS Inima, based in Spain, manages more than 200 projects in over ten countries, with a strong presence in Spain, Brazil, Mexico, the United States, and Oman. Considered one of the largest water concession operators in the world, its addition to TAQA’s portfolio adds significant capacity in desalination and water treatment, as well as promoting the use of efficient technologies such as reverse osmosis (RO).

The transaction also marks an important corporate move for GS E&C, which acquired Inima from Spanish construction company OHLA in 2011 for €231 million, as part of a process of divestment in non-strategic assets promoted at the time by Juan Miguel Villar Mir. With this sale, the South Korean group completes its exit from the water business, while TAQA consolidates its expansion in Europe and America with a firm commitment to sustainability and technological innovation.

Advisors

Dentons has advised TAQA. A cross-border team including the United Arab Emirates, the United Kingdom and Brazil, advised on all aspects of the transaction. In Spain, where GS Inima is headquartered, the deal was coordinated by partners Jesús Durán and Javier Moya.

Gomez-Acebo & Pombo, together with the lead deal counsel K&L Gates, has advised South Korea-based GS Engineering & Construction (GS E&C). The firm´s team involved in this significant transaction has been led by M&A-Private Equity partner Pablo Fernández Cortijo and Nicolás Zúñiga, M&A-Private Equity partner and senior associate, respectively, which have lead a multidisciplinary team including Laura Roda, Nicolás Otero and Cristina Merino, associates of the M&A department; José Ramón Pérez, associate from the real estate department; María Vázquez, Covadonga Luján, Camino Gamón and Andrés Cortés, associates from the litigation-regulatory department; Patricia González, associate from the banking and finance team; Claudia Pérez, associate from the IP team and Carmen Abad, associate from the employment team.

KPMG Abogados has advised TAQA. The team was led by Ricardo López (director), with the participation of Raquel Juncal (senior manager), Álvaro Hernández (senior manager), Claudia de Tena and Rebecca Barceló (associates).