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Thu June 24 2021

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Hochtief raises €250m from sale of service business

1 Jul 13 Hochtief is selling its services business line to Spie.

The deal was signed on 28 June and the acquisition is retroactive, with an economic effect dated back to 1 January. The selling price amounts to approximately €250m (£214m) and almost 6,000 employees will switch to Spie.

"Spie is an investor who is oriented in the long term, invests in the services sector and continues developing it in a responsible way,” said Hochtief CEO Marcelino Fernández Verdes. “We have thus achieved a reconciliation of the interests of the employees, the management, the buyer and the seller."

With 30,200 employees at more than 400 locations in 31 countries, Spie delivers mechanical and electrical engineering services for companies and the public sector. 

In February this year, Hochtief had announced that it will divest corporate entities that no longer form part of the core business. In addition to the already-sold airports business, this also includes the service business line of Hochtief Solutions.

In future the Group wants to place a stronger focus on construction of infrastructure projects and thus increase margins.

The sale is subject to certain conditions precedent and approval by competition authorities. Closing of the transaction is planned by the end of this year at the latest.

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