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Mon September 28 2020

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Bilfinger Berger scales back stake in Nigeria

3 Oct 11 Bilfinger Berger is reducing its investment in its Nigerian business by selling the engineering and services activities of Bilfinger Berger Nigeria.

It has signed a letter of intent with minority shareholder Julius Berger Nigeria (JBN) under which JBN will acquire the engineering and services activities, which have a current output volume of approximately €350m (£300m).

Bilfinger Berger’s investment in the business, which is part of the building and facility services segment, will be reduced initially to 40% with a further reduction planned at a future date.

In addition, Bilfinger Berger’s investment in JBN will be reduced from 49% to less than 40%.

The move also follows recent initiatives on the part of the Nigerian Government aimed at an increase of local content in the national economy. “The successful operating activities in Nigeria will continue unabated. This requires the vigorous cooperation of all employees involved in the Nigerian business. I can assure you that your jobs are secure,” said Bilfinger Berger executive board chairman Roland Koch.

Bilfinger Berger intends to limit its involvement in Nigeria exclusively to financial investments. The conclusion of the transactions is not expected in the current financial year.

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