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Written by / Agency / Source: GDF SUEZ | ENGIE

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GDF SUEZ Announces the Acquisition of Balfour Beatty Workplace - GDF SUEZ, through its Energy Services business line, has announced the purchase of Balfour Beatty’s UK Facilities Management business Balfour Beatty Workplace - GDFSUEZ.com
GDF SUEZ Announces the Acquisition of Balfour Beatty Workplace

 

NewswireToday - /newswire/ - Paris, Ile de France, France, 2013/08/09 - GDF SUEZ, through its Energy Services business line, has announced the purchase of Balfour Beatty’s UK Facilities Management business Balfour Beatty Workplace - GDFSUEZ.com. FR0010 208488

   
 
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The acquisition will give GDF SUEZ, through its primary brand Cofely, a strong position in energy services, technical services & facilities management in the UK. With its existing Cofely business, GDF SUEZ Energy Services currently employs 2,200 people in the UK, providing similar services to 13,000 customer sites in commercial, industrial and public sectors. It is also the UK’s largest provider of district energy.

The enlarged activities will generate annual revenues of approximately £800 million (approximately €930 million).

Balfour Beatty WorkPlace provides a range of services to thousands of facilities nationwide, including numerous hospitals, schools and local government establishments. The business has a number of major contracts in the UK with clients including, the Department for Work and Pensions, HM Revenue & Customs, North East Lincolnshire Council as well as the Romec joint venture with the Royal Mail Group, which provides a wide range of technical and building services to Royal Mail, Post Office and Parcelforce Worldwide.

The business is expected to continue to provide facilities management services to Balfour Beatty’s current portfolio of social infrastructure PPP assets in the UK and to collaborate with the Group on the development of its investments in the future.

Commenting on the acquisition, Jérôme Tolot, CEO of GDF SUEZ Energy Services, said: “This acquisition will consolidate the Group significant European position in energy and facilities services and will also create a strong position for GDF SUEZ in the UK. It is fully in-line with the Group strategy to provide innovative and energy efficient solutions for customers across all sectors of the built environment, assisting them with the transition to a low carbon economy and in the creation of the Cities of Tomorrow”.

The implied enterprise value of the business on a debt and cash free basis is £190 million (approx. €220 million). The cash consideration will be reduced by pension liabilities and any net debt transferring with the business and is subject to certain adjustments based on completion accounts. Completion is expected in the fourth quarter of 2013, following the finalisation of completion accounts as at 27 September 2013 and remains conditional on inter alia, relevant competition clearance.

1. GDF SUEZ Energy Services is a strong European operator in energy efficiency and environmental services, with a presence in over 30 countries and 1,300 offices worldwide. Through its Cofely business, it is able to offer effective and efficient energy and environmental solutions, through multi-technical and facilities services, to its customers in commercial, industrial and public sectors. GDF SUEZ’s Energy Services has 78,200 employees and revenues of €14.7 billion in 2012.

2. Balfour Beatty (balfourbeatty.com) is an international infrastructure group that delivers world class services essential to the development, creation and care of infrastructure assets; from finance and development, through design and project management to construction and maintenance.

3. The UK FM business represents substantially all of Balfour Beatty’s UK FM activity which is primarily delivered through Balfour Beatty WorkPlace. The sale also includes BBW’s externally delivered BPO and Energy Services activities which are currently managed within WorkPlace. In 2012, the UK FM business generated £481 million of revenue with 9,000 employees. Citigroup Global Markets Limited is acting as financial adviser to Balfour Beatty.

About GDF SUEZ
GDF SUEZ (gdfsuez.com) develops its businesses (power, natural gas, energy services) around a model based on responsible growth to take up today’s major energy and environmental challenges: meeting energy needs, ensuring the security of supply, fighting against climate change and maximizing the use of resources. The Group provides highly efficient and innovative solutions to individuals, cities and businesses by relying on diversified gas-supply sources, flexible and low-emission power generation as well as unique expertise in four key sectors: independent power production, liquefied natural gas, renewable energy and energy efficiency services.GDF SUEZ employs 138,200 people worldwide and achieved revenues of €82 billion in 2012. The Group is listed on the Paris, Brussels and Luxembourg stock exchanges and is represented in the main international indices: CAC 40, BEL 20, DJ Euro Stoxx 50, Euronext 100, FTSE Eurotop 100, MSCI Europe, ASPI Eurozone, Euronext Vigeo Eurozone 120, Vigeo World 120, Vigeo Europe 120 and Vigeo France 20.

Investor Relations contact:
T: +33(0)1 44 22 66 29 - E: ir[.]gdfsuez.com.

 
 
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Written by / Agency / Source: GDF SUEZ | ENGIE

 
 

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GDF SUEZ Announces the Acquisition of Balfour Beatty Workplace

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GDF SUEZ | Balfour Beatty Workplace
Publisher Contact: Press Office - GDFSUEZ.com 
+33(0)1 44 22 24 35 / +32 2 510 76 70 gdfsuezpress[.]gdfsuez.com
 
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