Swedish private equity firm EQT has completed the acquisition of Bilfinger SE's Building and Facility segment, which includes property advisory GVA, for about €1.2 bn.
The investment volume corresponds to an enterprise value of roughly €1.4 bn.
Bilfinger said that the agreement included two purchase price components that are payable at the latest when EQT re-sells the company. On the one hand, Bilfinger has granted EQT a deferral of a €100 mln portion of the purchase price with annual interest of 10% upon maturity. A further roughly €200 mln portion of the purchase price will be transformed into an instrument similar to an earn-out. Bilfinger is thus entitled to 49% of the resale proceeds from EQT and will participate in a proportionate amount in the development of the sold business.
'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. We are also positioning ourselves more transparently and more efficiently,' said Bilfinger CEO Tom Blades.
In the course of the sale of Bilfinger Building and Facility, Jochen Keysberg, who held executive board responsibility for this segment since 2012, will join EQT and assumes, effective immediately, the role of CEO of the new company.
