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Urbas Reduces its Acquisition Price for Joca After a Series of Accounting Adjustments

The cost of the operation has been reduced from 35 million euros to 15 million euros and the sellers have returned the difference.

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The listed company Urbas has announced that it is lowering its acquisition price of the company Joca Ingeniería y Construcciones. The operation, which was closed for 35 million euros, will now cost only 15 million euros.

The change is due to “the need to make a series of accounting adjustments to Joca’s financial statements corresponding to fiscal years prior to its acquisition,” said Urbas in a statement to the CNMV. Now, the accounts for the financial year 2020 will have to be reformulated.

Read the full article in Spanish.

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