GDF SUEZ swoops for Lahmeyer
French energy major buys German leading engineering consultancy firm.
GDF SUEZ has swooped for Germany’s Lahmeyer to become a world leader in the engineering consultancy business.
Through its subsidiary Tractebel Engineering, the French energy giant has purchased the firm from Capiton GmbH.
Lahmeyer specialises in energy and water infrastructure and generates around 80% of its revenues (EUR 135mn) outside of Europe, namely in Africa, Asia and the Middle East.
“Lahmeyer enjoys a strong international reputation, capitalising on a deep technical know-how reflected in its long track record as a niche player,” GDF SUEZ said in a statement.
“This acquisition – valued at an EBITDA multiple slightly below 8 – is a perfect strategic fit for GDF SUEZ to pursue through Tractebel Engineering its international development and growth.”
Tractebel Engineering, with a turnover of EUR 470mn, is a leading engineering company specialised in energy and smart infrastructure.
It will benefit from Lahmeyer’s project background which includes the Qurayyah Combined Cycle Power Plant 3800 MW in Saudi Arabia and Power Network Transmission in Abu Dhabi.
The combined entity will have a staff of 4400 experts with local presence in 34 countries and annual revenues of around EUR 600mn.
It will be able to deliver technical and project management services from a broader platform thus serving more clients in more markets, especially in Africa, Asia, Europe, Latin America and the Middle East, GDF SUEZ said.
Jerome Tolot, CEO of the Energy Services business line of GDF SUEZ, said: “This acquisition is fully in line with the Group strategy to further develop the energy services business on a broad international scale.
“The resulting stronger engineering resources will also reinforce the Group for the development of new projects worldwide.”
Finalisation of the transaction will take place before year end 2014 following customary closing conditions and regulatory approvals.