News / Bidders line-up for Hochtief Service Solutions

Bidders line-up for Hochtief Service Solutions

🕔 May 28, 2013
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Finnish contractor YIT has confirmed it has made an offer for Hochtief's services division. Strabag has confirmed the interest as well, and four other contractors are reported to be interested in the business, including Bilfinger Berger.

YIT said it if reached a deal it would make the Hochtief unit part of its building services business, Caverion, which it plans to spin off in an initial public offering and list later this year.

YIT said that it expected to announce more information by the end of June.

Hochtief, majority controlled by Spanish contractor ACS, recently found a buyer for its airport business. These sales are framed within the strategy of selling non-core assets to refocus on infrastructure business, and to reduce its debt.

Hochtief Service Solutions is a facilities management and energy services business with operations in Germany, Bahrain, Denmark, Czech Republic, Greece, Hungary, Poland, Slovakia, Switzerland and the UK. Revenues in 2012 were €700 million, with net profit of €16 million. It employs some 5,700 people.

Source: YIT & others

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