SPIE announces the sale of its UK subsidiary to Imtech for €50 million. The transaction will take place at the end of the year.
Growth prospects
SPIE announces the signature of an agreement with Imtech, jointly owned by Dalkia and EDF Energy. The company is thus withdrawing from the British market. Gauthier Louette, Chairman and CEO of SPIE, says:
“After a thorough strategic review of our UK operations, we have concluded that SPIE UK would benefit from better prospects with a new ownership structure and we are convinced that its acquisition by Imtech will ensure sustained growth for the combined company. SPIE will continue to focus exclusively on its activities in continental Europe, where its growth model is proving to be highly effective and value-creating. We wish our UK colleagues the best, as they have shown unwavering commitment and resilience over the years.”
SPIE is Europe’s leading provider of multi-technical services in the energy and communications sectors. However, ifhe UK branch of SPIEUK is a provider of technical engineering solutions in urban environments. The company designs, manages and optimizes smart spaces and places by leveraging emerging technologies.
An impacted result
With nearly 1,800 employees, the British subsidiary will generate sales of around £200 million in 2021. The transaction is based on a sale price of £43 million, or approximately €50 million. Rob Goodhew, Managing Director of SPIE UK Limited, said:
“SPIE UK has developed cutting-edge expertise that fully meets the needs of our customers, and joining Imtech’s business offers an excellent opportunity to capitalize on our strengths and continue our development.”
This sale will result in an estimated exceptional loss of approximately €80 million on the Group’s 2022 net income. According to the French company, this transaction will have a positive impact on the Group’s net debt, estimated at around €40 million. In addition, the Group’s dividend payout capacity and policy remain unchanged.
