Bilfinger to Buy GVA - Deal Announced

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13 May 2014 | Updated 01 January 1970

The engineering and services group Bilfinger is about to take an important step forward in the expansion of its Building and Facility segment in the United Kingdom: the company has submitted a takeover offer to the nearly 300 shareholders of GVA Grimley Holdings in London.

The term of acceptance is four weeks, the parties involved have agreed to keep terms of the offer confidential. GVA is a leader in real estate consulting services in the United Kingdom, has 1,500 employees and plans a volume of approximately €190 million in the current year.

"We want to continue to grow our facility services operations in the important British market. We are thus moving the internationalisation of our activities in the building and facility business segment forward in a targeted manner," says Dr. Jochen Keysberg, Member of the Executive Board at Bilfinger. The United Kingdom is Europe's largest market for real estate investments. With the planned acquisition of GVA, Bilfinger adds complex real estate consulting and management services for investors, companies and the public sector to its portfolio in the UK. The focus of business operations is in London. GVA is also represented throughout the United Kingdom with a network of regional offices."

Following the planned acquisition, GVA will be integrated into the Bilfinger Group as part of the asset and property management specialists Bilfinger Real Estate. The output volume of this division will more than double from the current level of approximately €160 million as a result.

At the end of 2013, Bilfinger acquired facility services provider Europa Support Services, a company specialising in technical and infrastructural services. The annual volume of its facility services activities in the United Kingdom and Ireland thus increased from €35 million to over €200 million.

In Germany, Bilfinger is huge in the area of real estate and facility services and offers its clients a range of services that includes design, construction and management of real estate all from a single source. In financial year 2013, activities in the Building and Facility business segment contributed approximately €2.3 billion to the Group's total output volume of €8.5 billion.

Pictured: A typical 'Bilfinger Real Estate' property

Article written by Brian Shillibeer | Published 13 May 2014

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