HOCHTIEF Solutions announced on Friday June 28th they have sold the Service Solutions business line, in which the company's facility and energy management activities are pooled, to SPIE S.A. (Cergy-Pontoise/France). Both partners signed a corresponding contract with economic effect from January 1, 2013. Subject to final adjustments, the selling price amounts to approximately €250 million.

"SPIE is an investor who is oriented in the long term, invests in the services sector and continues developing it in a responsible way. We have thus achieved a reconciliation of the interests of the employees, the Management, the buyer and the seller," says Marcelino Fernández Verdes, CEO of HOCHTIEF. With the transaction, almost 6,000 employees of the business line will switch to SPIE. With 30,200 employees at more than 400 locations in 31 countries, the French group delivers mechanical and electrical engineering services for companies and the public sector. In 2012, SPIE posted pro-forma sales of €4.217 billion and pro-forma EBIT of €242.9 million.

In February this year, HOCHTIEF had announced that it will divest corporate entities which no longer form part of the core business. In May 2013, HOCHTIEF announced they had sold airports business of the Group. In future the Group wants to place a stronger focus on its core competence - construction of infrastructure projects - and thus increase margins. "We have created value with the services business in the past years. With the sale of the business line, we now deliver on another strategic promise after the sale of the airport business," says Marcelino Fernández Verdes. According to the CEO, the Group remains full on schedule with the implementation of its new strategy.

The sale is subject to certain conditions precedent and approval by the responsible competition authorities. Closing of the transaction is planned by year-end 2013 at the latest.

Source: HOCHTIEF