A technical services firm backed by French energy giant EDF has agreed a deal to buy Spie’s UK business for £43m.
Imtech, which is jointly owned by EDF and Dalkia, announced that it had acquired Spie UK as part of a strategy to increase its presence in the UK, subject to regulatory approvals.
The firms agreed a €50m (£43.4m) price for the firm, which Spie said “will generate an estimated exceptional loss of around €80m (£69.5m) against the group annual net income for 2022 and will not have any impact on the adjusted net income”.
“This transaction will have a positive impact on the group net debt estimated at around €40m (£34.7m),” it added.
Technical services firm Imtech operates across mechanical and electrical engineering, facilities management, energy services and control-systems sectors. Spie is one of the UK’s top 10 biggest M&E firms, reporting approximately £200m in revenue in 2020.
The business employs about 1,800 workers across the UK, and a potential sale by its French parent company had been on the cards for a number of months. The firm blamed the pandemic for the £21.6m loss posted in its accounts for the period to the end of December 2020.
Spie UK bounced back in 2021, posting a £2.5m profit on the back of £148m in revenue. The parent company announced a review of the UK business in April, which will be concluded by the end of 2022.
Imtech Group chief executive Gautier Jacob said: “I am pleased to warmly welcome Spie UK employees into the Imtech Group. We are very much looking forward to working together to add more value to our clients and boost our development.”
Spie UK chief executive Rob Goodhew said: “Spie UK has developed cutting-edge expertise that fully meets the needs of our clients, and joining the operations of Imtech UK is a great opportunity for us to capitalise on our strengths and further develop the business.”