Bilfinger Berger has reduced its stake Julius Berger Nigeria (JBN) following the signing of a letter of intent last year.

The group has sold 10% of the shares in the company, which is listed on the Lagos stock exchange, to the Nigerian Nestoil Group. This reduces Bilfinger Berger’s investment from 49.9% to 39.9%. The sale is to take effect this quarter and will lead to net proceeds for Bilfinger Berger of some €20m (£16.6m). The stake in JBN will be gradually reduced further.

“With the Nestoil Group we have found a reputable buyer that is seeking to enter into a long-term investment and cooperate with JBN at an operational level,” said Bilfinger Berger executive board chairman Roland Koch. “We are happy that we have been able to put this equity stake in good hands.”

Bilfinger Berger made the strategic decision last year to reduce its involvement in Nigeria. Within the scope of this decision, Bilfinger Berger also intends to sell the engineering and services activities of Bilfinger Berger Nigeria GmbH, Wiesbaden, to JBN. 

• Click here to return to the previous page
• Subscribe to our free construction newsletters