French energy company GDF SUEZ has bought an infrastructure group’s UK facilities management arm for £190 million in cash.
Balfour Beatty Workplace, which maintains the London Olympics Park and has major customers including hospitals, schools and power stations, said it has signed an agreement with the energy firm which is expected to be completed by the end of this year. The infrastructure group will use the cash to reduce its borrowings and make future investments.
Combined with the Britain-based Cofely unit of GDF SUEZ, which already employs around 2,200 people, the new entity is expected to generate annual revenues of around £800 million, the energy company said.
Jerome Tolot, CEO of GDF SUEZ Energy Services said: “This acquisition will consolidate the Group’s significant European position in energy and facilities services and will also create a strong position for GDF SUEZ in the UK. It is fully in-line with the Group strategy to provide innovative and energy efficient solutions for customers across all sectors of the built environment, assisting them with the transition to a low carbon economy.”
GDF SUEZ Energy Services currently employs 2,200 people in the UK, providing similar services to 13,000 customer sites in commercial, industrial and public sectors.