The deal is due complete this summer and will see the transfer of around 4,000 staff to the expanding Altrad scaffolding and industrial services group.
Just eight months ago, €3bn revenue Altrad snapped up RMD Kwikform in deal reported to be worth around £140m. This saw 1,300 people across core markets of the UK, India, Australia and the UAE join the group.
Altrad Group was founded in 1985 by its President Mohed Altrad and is now one of the world’s leading industrial services companies focusing on oil and gas, energy, process and construction markets, employing around 38,000 people.
Altrad’s CEO for the UK, Ireland & Nordics, Padraig Somers, said: “We are delighted to welcome Doosan Babcock into the Altrad family.
“The acquisition represents an exciting opportunity to extend our portfolio of services and enter new markets, whilst enhancing the outcomes we deliver for our clients”.
In last published accounts, Doosan Babcock, which works at major nuclear projects like Sellafield and Hinkley Point, reported revenue of around £260m but suffered an operating loss of £5m.
Andy Colquhoun, CEO of Doosan Babcock, added: “We are extremely pleased to be joining Altrad and are confident our business will be well-positioned to grow and develop at pace under the new ownership structure.
“We believe our collective capabilities and shared vision and values will be attractive to our clients, our people and the communities within which we work.”