Bilfinger sells Infrastructure division to Porr
Date
June 17, 2015
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Bilfinger has sold its Infrastructure division, which was put up for sale in May 2014, to Austrian construction company Porr.
The Warsaw-based company specializes in civil engineering, employs 800 people and is primarily active in Poland. An output volume of approximately €170 million (US$191.4 million) is planned for the current year. The transaction is subject to approval from the Polish antitrust authorities.
Net proceeds from the sale for Bilfinger amount to approximately €20 million (US$22.5 million) after transaction-related expenses and are thus below the current carrying amount of about €25 million (US$28.1 million).
Bilfinger is focusing on engineering and services for industrial facilities, power plants and real estate. With this in mind, the group last year initiated the disposal of its civil engineering activities. At the end of October, the construction division, with 1,900 employees and an annual output volume of approximately €600 million was sold to Swiss construction company Implenia.Joachim Enenkel, Member of the Executive Board at Bilfinger, stated:
Yesterday we reported that Bilfinger Berger Global Infrastructure SICAV S.A. (BBGI) entered into a share and unit sale agreement with Commonwealth Investments Pty Limited to acquire the remaining 50% equity interest in the Northern Territory Secure Facilities PPP Project (NTSF) in Australia."We are very pleased that, along with the construction division, we have now also been able to sell our Infrastructure division to a renowned European construction company. The companies and their employees have very good prospects for the future in their new environments."
