Bouygues Construction subsidiary Bouygues Bâtiment International takes a 51% share and the Leadbitter management, led by founder and current chief executive, Bob Rendell, temporarily keep 49%. Under the deal, subject to approval by the European Commission competition authorities, Bouygues will take full ownership within four years.
Oxford-based Leadbitter group, which includes Denne Construction, employs 700 people and is expected to post revenue for 2010 of approximately £340m.
Bouygues expects to help Leadbitter strengthen its position on value added projects and on new procedures for awarding public contracts. It will also expects numerous synergies with other Bouygues subsidiaries in the UK: Bouygues UK, Warings, ETDE and its specialist subsidiaries (David Webster, ETDE Contracting and Icel).
Bob Rendell said: "This is a very exciting time for the Leadbitter Group and for its employees. The resources available to us through the Bouygues Group place us in an enviable position, enabling us to continue to increase market share in our key industry sectors as well as capitalise on emerging business opportunities that complement our skills and experience."
Olivier-Marie Racine, Chief Executive and Chairman of Bouygues Bâtiment International, said: "This agreement in conjunction with the Leadbitter management team is an excellent illustration of our development strategy in sustainable locations in the most buoyant regions of England."