ENGIE has announced it has entered into exclusive negotiations with Paris-based industrial group Bouygues to sell its business unit EQUANS for €7.1 billion (£6 billion).

The company said: “Bouygues’ offer was the most compelling taking into account all criteria including financial valuation.”

That follows a ‘rigorous and competitive’ process, ENGIE continued.

ENGIE’s subsidiary was created to offer technical service activities, including air conditioning, heating and electricity solutions and currently employs 74.000 people in 17 countries.

Bouygues added that completion of the deal is expected by the second half of next year and that it has already been approved unanimously by employee representative bodies.

Martin Bouygues, Chairman of Bouygues, said: “The signing of a purchase agreement with Engie to acquire EQUANS is very good news!

“It paves the way for us to create a new global leader in multi-technical services, with strong roots in France.”