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Balfour Beatty UK Facilities Arm Goes to Cofely

13 December 2013 | Updated 01 January 1970
 

Cofely UK Limited, a wholly owned subsidiary of GDF Suez, has completed the acquisition of Balfour Beatty’s UK facilities management business - Balfour Beatty WorkPlace, following full approval from the relevant authorities.

Balfour Beatty WorkPlace will be combined with Cofely’s existing UK business with immediate effect, with the new entity operating under the Cofely brand. However, Power Efficiency, CTH (Colledge, Trundle and Hall) and the Romec joint venture with Royal Mail will retain their trading names.

The acquisition creates an enlarged Cofely business with over 15,000 employees and a turnover of close to £1billion.  The new business will operate within key service areas - facilities management, business process outsourcing, energy and technical.

Wilfrid Petrie, Chief Executive of Cofely UK, commented: “This acquisition builds on Cofely’s position in energy and technical services to equip us with additional capabilities for the delivery of total facilities management services and the outsourcing of business processes.  We are now better positioned to meet the evolving needs of our customers and the wider marketplace.”

Balfour Beatty, the international infrastructure group, has just announced that it has completed the sale of its UK facilities management business to GDF Suez Energy Services. It will be assumed into GDF’s Cofely UK business – the FM and energy management specialist.

 Andrew McNaughton, CEO of Balfour Beatty, said: “I am very pleased with the successful execution of this transaction. Not only have we found a good home for the business but we have also achieved good value for our shareholders.

“Cash proceeds of £155 million remain subject to modest post-closing adjustments for working capital and pension liabilities. These funds will be used in the first instance to reduce borrowings, and over time, to fund investments consistent with Balfour Beatty’s strategy.

Article written by Brian Shillibeer | Published 13 December 2013

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