Finnish construction services group YIT has lodged an initial non-binding offer for Hochtief Service Solutions, a facility management and energy services business
Finnish construction services group YIT has lodged an initial non-binding offer for Hochtief Service Solutions, a facility management and energy services business
German construction group Hochtief has decided the proposal entitles YIT to start due diligence on its Services Solutions unit.
YIT said it was unlikely it would be the sole bidder to qualify for o the next phase in the potential acquisition. No price has been fixed as the tendering process and the sales negotiations are yet to begin.
The Finnish company said it expected to be able to provide more information by the end of June. The plan is to acquire Hochtief Service Solutions, add it to its own building systems operations and then transfer the combined business to Caverion Corporation as part of a proposed partial demerger of YIT.
Hochtief Service Solutions is a German facility management and energy services business, which has operations in Germany, Bahrain, Denmark, the Czech Republic, Greece, Hungary, Poland, Slovakia, Switzerland and the UK.
The facility manager generated turnover of €700 mln and net profit EUR 16 million in 2012 and employs 5,700 people.
