Bilfinger makes offer for GVA Grimley
By Chris Sleight15 May 2014
German contractor Bilfinger has made a takeover offer for UK property consultant GVA Grimley. Terms of the acquisition of the € 190 million per year, 1,500-employee company were not disclosed.
Bilfinger said it would integrate the company into its Bilfinger Real Estate division, more than doubling its current annual revenues of € 160 million. Bilfinger says it is the market leader in Germany for real estate and facility services including design, construction and management of real estate.
Bilfinger board member Dr Jochen Keysberg said, “We want to continue to grow our facility services operations in the important British market. We are thus moving the internationalisation of our activities in the Building and Facility business segment forward in a targeted manner.”
The company added that the UK is Europe’s largest market for real estate investments.
GVA Grimley chief executive Rob Bould said, “This hugely exciting deal markets the most significant and transformational milestone in the history of our company. It represents a major opportunity for GVA’s future growth and prosperity.
“The strategic merger launches us on to the global stage, creating a partnership with Bilfinger Real Estate that immediately competes with the world’s biggest real estate advisers for global mandates.”
The company added that the acquisition by Bilfinger would allow private equity investor LDC to exit the business, having acquired a 27.5% stake in GVA Grimley as part of a recapitalisation programme designed to help the company make acquisitions.
The deal is expected to close by the end of June.