Bilfinger 'Interesting' Sale Ratified

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09 September 2016 | Updated 01 January 1970

Bilfinger SE has concluded the sale of the Building and Facility segment of its business to EQT - the Scandinavian firm that built-up ISS before selling it on.

The agreement includes two purchase price components that are payable at the latest when EQT re-sells the company. On the one hand, Bilfinger grants the acquiring company a deferral of a Euro 100 million portion of the purchase price with annual interest of 10 per cent upon maturity. A further roughly Euro 200 million portion of the purchase price will be transformed into an instrument similar to an earn-out. Bilfinger is thus entitled to 49 per cent of the resale proceeds from EQT and will participate in a proportionate amount in the development of the sold business.

Bilfinger, which is selling-off/trying to find buyers for a variety of its diverse businesses, will continue to show Euro 500 million from the sale price on the balance sheet.

“We will use the proceeds from the sale to strategically develop in the industrial sector and to selectively expand our business both organically and through acquisitions," says Bilfinger Chief Executive Officer Tom Blades.

Jochen Keysberg joins EQT

In the course of the sale of Building and Facility, Dr. Jochen Keysberg, who held Executive Board responsibility for this segment since 2012, will join EQT and assumes the role of CEO of the new company.

Picture: Jochen Keysberg

Article written by Brian Shillibeer | Published 09 September 2016

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