Hochtief sells service business to Spie
By Helen Wright01 July 2013
French services company Spie has reached a deal to acquire Hochtief’s Service Solutions business for €250 million.
Hochtief said the acquisition would be retroactive, effective 1 January this year. The transaction is expected to close at the end of 2013.
Hochtief Service Solutions includes facility and energy management operations and employs 6,000 people who will transfer to Spie with the deal. Spie, which delivers mechanical and electrical engineering services, employs 30,200 at more than 400 locations in 31 countries. It recorded revenues of €4.2 billion last year.
The sale is in-line with Hochtief’s new strategy of divesting non-core assets, which saw it sell its airports business earlier this year. In future the group wants to place a stronger focus on its core operation of constructing infrastructure projects with the aim of increasing margins.