02.06.2016
Bilfinger SE DE0005909006
DGAP-Adhoc: Bilfinger will focus on industrial services in future / Bilfinger sells Building and Facility to EQT for an enterprise value of EUR1.4 billion / Value-optimized further development of Power, including sale of individual units, further impairme
Bilfinger SE / Key word(s): Disposal/Strategic Company Decision
02.06.2016 13:51
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
The Executive Board of Bilfinger SE has decided to sell its Building,
Facility Services and Real Estate divisions, which are focused on
real-estate services, to financial investor EQT. The relevant purchase
agreement was signed after the Supervisory Board issued its approval of the
sale today. The purchase price amounts to about EUR1.2 billion. This
corresponds to an enterprise value of approximately EUR1.4 billion. A total
of approximately EUR900 million from the purchase price is payable upon
completion of the transaction. The remainder of the purchase price of about
EUR300 million is made up of two purchase price components that are not
payable immediately, but upon resale (exit) by EQT. On the one hand,
Bilfinger and the acquiring company have agreed on a vendor claim agreement
for a portion of the purchase price in the amount of EUR100 million with
interest of 10% p.a. payable upon maturity. On the other hand, a further
portion of the purchase price in the amount of approximately EUR200 million
will be transformed into an instrument similar to an earn-out through which
Bilfinger will receive about 49% of the exit proceeds of EQT. Bilfinger
thus continues to participate in a proportionate amount in the
opportunities and risks of the sold divisions. As a result of the sale, the
company expects an estimated capital gain at Group level of approximately
EUR500 million. The transaction is subject to approval from the responsible
anti-trust authorities as well as from the Financial Conduct Authority.
In the future, Bilfinger will thus focus its business on industrial
services and will continue to develop this area. The Executive Board,
together with the future Chairman of the Executive Board Tom Blades, will
determine how proceeds from the sale will be used. Plans call for a
significant portion of proceeds from the sale to be invested in the
industrial services area. The proceeds will also enhance the financial
strength of the Group.
The Executive Board has also decided, in the course of a value optimizing
further development of Power in the selling process that was initiated in
mid 2015, to now focus more intensively on the sale of individual units
instead of on a sale of the business as a whole. At the same time,
individual areas will be further restructured and repositioned. With this
decision, the accounting presentation changes, leading to the expectation
of a non-cash further impairment need in the mid double-digit million euro
range. Further restructuring expenses in this area in the mid double-digit
million euro range will also be incurred.
02.06.2016 The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap.de
---------------------------------------------------------------------------
Language: English
Company: Bilfinger SE
Carl-Reiß-Platz 1-5
68165 Mannheim
Germany
Phone: +49 (0621) 459-0
Fax: +49 (0621) 459-23 66
E-mail: [email protected]
Internet: http://www.bilfinger.com
ISIN: DE0005909006
WKN: 590900
Indices: MDAX
Listed: Regulated Market in Frankfurt (Prime Standard), Stuttgart;
Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg,
Hanover, Munich; Terminbörse EUREX; Luxemburg
End of Announcement DGAP News-Service
---------------------------------------------------------------------------
|
Weitere Ad-hoc und Unternehmensrelevante Mitteilungen zu
Bilfinger SE ISIN: DE0005909006 können Sie bei EQS abrufen
Bauhauptgewerbe , 590900 , GBF , XETR:GBF