ENGIE Completes Acquisition of Keepmoat’s Regeneration Business
Further to the announcement on 2nd March 2017, ENGIE has now completed the acquisition of the regeneration business of Keepmoat for £330 million from TDR and Sun Capital.
Keepmoat is the UK’s leading provider of regeneration services specialising in the design, refurbishment and upgrade of buildings and places, helping to transform communities and strengthen local economies. This transaction will enable ENGIE to offer a complementary range of services to local governments, cities and businesses across the UK and strengthen its existing network of local authority partnerships.
Wilfrid Petrie, CEO of ENGIE in the UK & Ireland, said:
“With Keepmoat regeneration business we are better positioned to support local government in meeting today’s challenges and addressing the needs of their communities. The joint expertise of both companies will allow us to further expand our services for places, develop our skills in energy efficiency and also progress our delivery of the connected home. These enhanced energy and services capabilities will help us to realise our ambition to be the number one partner for cities and places in the UK.”
Completion of the transaction was conditional on anti-trust clearance, which was received in mid-April. The acquisition is effective from 1st May 2017 when the regeneration division’s infrastructure and 2,500 employees became part of ENGIE. The business will now operate as Keepmoat Regeneration.
The total consideration of £330 million represents ENGIE’s largest UK acquisition in five years and signals the ENGIE Group’s ongoing commitment to investment in the UK.