Cergy, October 27th, 2022 – SPIE, the independent European leader in multi-technical services in the areas of energy and communications, today announces that it has signed an agreement with Imtech for the sale of 100% of its United Kingdom operations. The closing of the transaction is expected before the end of 2022, subject to the fulfillment of customary regulatory approvals.
SPIE UK Limited is a leading provider for technical engineering solutions for the built environment, with a focus on environmental safety and energy efficiency solutions.
With around 1,800 employees, SPIE UK Limited generated approximately GBP 200 million in revenue in 2021. Its activities were under strategic review since April 2022; upon completion of this transaction SPIE will fully exit the United Kingdom market.
The transaction is based on a purchase price of c. €50 million (£43 million). It will generate an estimated exceptional loss of around 80 million euros 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
€40 million. The Group’s dividend distribution capacity and policy remain unchanged. This disposal has no negative impact on our mid-term guidance 2025 as presented at our Capital Markets Day on 29th April 2022.
Gauthier Louette, Chairman & CEO, declared: “After a thorough strategic review of our UK operations, we have come to the conclusion that SPIE UK would enjoy better perspectives under new shareholding, and we are confident that the ownership of Imtech will bring a robust growth to the combined UK businesses.
At SPIE, we will continue to fully focus on our operations in Continental Europe where our growth model has proven to be extremely successful and value creative.
We wish well to our British colleagues, who have always shown dedication and resilience over the years.”
Rob Goodhew, CEO of SPIE UK Limited, said: “SPIE UK has developed cutting-edge expertise that fully meets the needs of our clients and joining the operations of Imtech is a great opportunity for us to capitalize on our strengths and further develop the business.”
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