Enterprise will be merged with Amey, which Ferrovial bought for £81m in 2003, doubling the size of its UK services business.
Amey CEO Mel Ewell will head the newly combined company.
The combined group will have more than 21,000 employees, revenues in excess of £2.3bn and a combined order book of £8.2bn, Ferrovial said.
Closure of the transaction is subject to approval by the European Commission.
Integrating Amey and Enterprise is expected to save £40m.
"This acquisition fits with our strategic objective of profitable growth through selective acquisitions and it enables us to expand our services business," said Íñigo Meirás, CEO of Ferrovial.
"The deal will strengthen the operations currently conducted via Amey."
Enterprise had £1.1bn revenues in 2012, excluding the joint venture with Mouchel, which is not included in this acquisition. It has 9,600 employees and provides environmental, property and utilities services as well as road maintenance for public and regulated sector clients.
"The acquisition of Enterprise will create value through synergies derived from integrating it into Amey,” said Santiago Olivares, CEO of Ferrovial Services.
“The deal strengthens our position in markets with growth potential. In terms of client types, range of services and geographical footprint, the two companies are highly complementary and offer great potential to share resources.
“The newly combined company will have the capability to offer our clients added value integrated services in an efficient way.”
Mel Ewell said: “This acquisition will be pivotal for the UK marketplace, creating a business with the breadth and depth of service to respond to today’s market dynamics. Public and regulated clients are seeking radical reform in the shape of more efficient services which don’t compromise on quality or the service to the public. Our leading asset management and consulting capability, paired with Enterprise’s additional range of services, will ensure that the combined company can deliver a truly transformational service.”
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