French energy company ENGIE has completed the buyout of housebuilder Keepmoat’s regeneration business for £330 million.
Keepmoat provides regeneration services specialising in the design, refurbishment and upgrade of buildings and places.
ENGIE says the buyout from TDR and Sun Capital will enable it to offer a “complementary range of services” to local governments, cities and businesses across the UK and strengthen its existing network of local authority partnerships.
It adds Keepmoat’s expertise in delivering building refurbishment and energy efficiency measures is “closely aligned” with ENGIE’s focus in the UK on energy and facilities management.
Around 2,500 employees from Keepmoat’s regeneration business will become part of ENGIE.
Wilfrid Petrie, CEO of ENGIE in the UK & Ireland said: “With Keepmoat’s regeneration business, we are better positioned to support local government in meeting today’s challenges and addressing the needs of their communities.
“The joint expertise of both companies will allow us to further expand our services for places, develop our skills in energy efficiency and also progress our delivery of the connected home. These enhanced energy and services capabilities will help us to realise our ambition to be the number one partner for cities and places in the UK.”
ENGIE recently pulled out of the venture behind a proposed new nuclear power station in Cumbria.