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BOUYGUES

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Engie sees shortlist of bidders for Equans unit by end-September - sources

09/08/2021 | 08:45am EDT
FILE PHOTO: Logo of Engie

By Gwénaëlle Barzic and Arno Schuetze

PARIS (Reuters) - French energy group Engie expects to have a shortlist of would-be buyers for its Equans services unit by the end of September, according to two sources familiar with the discussions.

U.S. investment firm Apollo Global Management Inc is among the seven firms that have submitted non-binding offers for the unit, according to the sources.

Equans provides energy and facilities management services to client companies and employs around 40% of Engie's total workforce worldwide.

The value of the deal is estimated at around 5 billion-6 billion euros ($5.94 billion-$7.12 billion), according to sources close to the deal.

The sources said the company is expecting to shortlist potential buyers by the third week in September, who will then be given access to company data. It expects binding offers around the end of November, and to select a buyer by year-end, they added.

Engie's press service declined to comment. A representative of Apollo could not be reached for comment.

French firms Bouygues, Eiffage and Spie have each already said they have submitted offers.

Several sources close to the deal have previously told Reuters that offers were also submitted by Bain Capital, Carlyle Group Inc, and CVC Capital Partners acting in conjunction with France's PAI Partners.

Bain Capital, CVC-Pai Partners and Carlyle declined to comment.

(Additional reporting by Benjamin Mallet; Writing by Christian Lowe and Gwenaelle Barzic; Editing by Jan Harvey)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BOUYGUES 0.55% 34.55 Real-time Quote.2.11%
EIFFAGE S.A. 0.71% 88.52 Real-time Quote.11.18%
ENGIE 0.36% 12.146 Real-time Quote.-3.37%
SPIE SA 0.76% 21.12 Real-time Quote.17.69%
THE CARLYLE GROUP INC. 1.20% 55.045 Delayed Quote.70.17%
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Financials
Sales 2021 37 096 M 43 157 M 43 157 M
Net income 2021 1 059 M 1 232 M 1 232 M
Net Debt 2021 2 144 M 2 494 M 2 494 M
P/E ratio 2021 12,2x
Yield 2021 4,99%
Capitalization 13 141 M 15 302 M 15 288 M
EV / Sales 2021 0,41x
EV / Sales 2022 0,39x
Nbr of Employees 129 000
Free-Float 55,5%
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Mean consensus OUTPERFORM
Number of Analysts 16
Last Close Price 34,36 €
Average target price 39,64 €
Spread / Average Target 15,4%
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Managers and Directors
Olivier Roussat Chief Executive Officer
Pascal Grangé Chief Financial Officer, Deputy CEO & SVP
Martin Bouygues Chairman
Gilles Zancanaro Senior Vice President-Digital, Innovation & Risks
Colette Lewiner Independent Director
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