SACYR, S.A. 
FCC, a construction and infrastructure company majority-owned by Mexican billionaire Carlos Slim, will retain a majority stake in FCC Servicios Medio Ambiente Holding with 75.01%, the company added.
FCC shares were up 4% at 0845 GMT.
The company said the proceeds from the sale will be used primarily to fund strategic opportunities and corporate needs.
Bankinter analysts described the deal as positive, as it represents the entry of a strategic partner without losing control of the core business.
Other Spanish construction and engineering companies such as FCC, Sacyr and Ferrovial have sought to divest part of their services subsidiaries.
Ferrovial sold its waste management subsidiary in Spain and Portugal to Germany's PreZero International last year and reached an agreement to sell Amey Plc, its infrastructure and engineering services business in the UK, to focus on investing in highway and airport projects in North America.
Sacyr is evaluating potential buyers for its waste management and services subsidiary, Valoriza Servicios Medioambientales, valued at around 500 million euros, to accelerate growth in its concession infrastructure businesses, mainly in continental Europe, the UK, Australia and Canada.
FCC Medio Ambiente operates mainly in Spain, Portugal, the United Kingdom, Central and Eastern Europe and the United States.
According to FCC's statement, the CPP group, which manages Canada's state pension funds, had some C$570 billion ($426.26 billion) in assets under management at the end of March, mostly outside Canada.
The transaction has yet to be approved by competition authorities and financial institutions.
(1 dollar = 0.9084 euros)
(1 dollar = 1.3372 Canadian dollars)
(Reporting by Matteo Allievi, additional information by Corina Pons, editing by David Latona and Sharon Singleton; Spanish editing by Flora Gómez)
