Corporate Spain’s seemingly insatiable quest for foreign acquisitions has now led to one of the world’s top five contractors falling under Spanish control. By agreeing to buy 25.1% of Germany Hochtief A.G., Essen, for $1.7 billion, Madrid-based ACS Group will become the largest investor in the firm that owns New York-based Turner Corp., subject to regulatory approval.

ACS, which already owns one of Spain’s leading international contractors, Dragados S.A., plans to use Hochtief as a springboard to greater foreign activity. Officials in the company cite Hochtief’s strong presence in the U.S., Australia, Southeast Asia and Central Europe as attractive assets. ACS last month reported an profit hike, not including extraordinary items, of 37.2% to $1.1 billion following a 16.1% sales rise to $18.8 billion. For the first nine months of last year, Hochtief posted 14.2% sales rise to $14.1 billion.