Hochtief sells to Zech

Germany's Zech Group has acquired the majority holding in Hochtief do Brasil. The acquisition will see Hochtief retain a minority interest in the company, which is based in Sao Paulo.

A statement from Zech Group said the acquisition was the next logical step to further expansion for the Group in the attractive Brazilian market.

A spokesperson said, "Brazil is one of the world's most aspiring industrial nations and has enormous development potential. The Zech Group has already been involved in the environmental sector for several years and has been active in construction in the region for the past year, via a shareholding in Construtora Tedesco.

"In the medium term, the Group also plans to engage in real-estate and hotel developments."

A statement from Hochtief confirmed that Brazil remains an interesting market for the Group, and through its retained shareholding, it will continue to benefit from access to local resources.