At the end of very contested auctions, the family group agreed to pay 7.1 billion euros to purchase the multitechnical services subsidiary of ENGIE.
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The decision was quick. Bouygues, Eiffage and the American Investment Fund Associated Capital Bath in Fimalac (the Holding of the businessman Marc Ladreit de lacher), survivors of the seven initial postulants, had tabled, Tuesday, November 2, offers to redeem Equans, The activity of multitechnical services (heating, air conditioning, digital …) on sale in September by ENGIE. The energetician announced on Saturday, November 6, following a board of directors held Friday night, which he had selected the offer of Bouygues, at the price of 7.1 billion euros.
ENGIE is “entered into exclusive negotiations with Bouygues for the sale of 100% equanities. Bouygues’ offer was the best-advantative with all the criteria selected by ENGIE, including financially “said the seller. In terms of social guarantees, the three candidates had not managed to come off, having made quite close hiring commitments.
The two industrialists, on the other hand, enjoyed an asset vis-à-vis ENGIE insofar as the latter preferred to entrust its subsidiary and its 80,000 employees (including 27,000 in France) to an acquirer judged more stable as an investment fund that buys and sells. The price has made it possible to decide the candidates. According to our information, capital bath, which is in the second place on the price, had offered 500 million euros less than Bouygues, who “led the race at the beginning to the end,” says a close to the folder.
“Nothing to negotiate”
While the expectations were between 4 billion and 5 billion euros when ENGIE started preparing this assignment, it was doubly important for the seller to raise auction. First because these capital will be used to allow the energetician to redeploy and invest, especially in renewables. But also because the group, whose state is the first shareholder with 23.6% of the capital, was under pressure on all sides while some feared that the dice are abused … precisely in favor of Bouygues.
On the eve of the presidential election, the business community was pointing at the risk of a “gift” political to the owner of TF1. Capital bath had therefore demanded that safeguards be put in place to ensure the fairness of the process. Rarissime Device, the Canadian Marie-José Nadeau, the Chair of the Audit Committee of ENGIE, as well as a bailiff were present, Tuesday, during the delivery of the price envelopes.
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