Bunnik, the Netherlands - Royal BAM Group nv has reached agreement to sell the shares of its operating company BAM Galere (including its subsidiary BAM Lux and BAM Galere's plant and equipment, managed by BAM Mat) to the Belgian construction company Thomas & Piron Group. The transaction, which is subject to approval of the competition authorities, is expected to close in the first quarter of 2022. Financial details of the transaction are not being disclosed.
The transaction will have limited impact on the 2021 income statement, and will not change BAM's outlook for 2021.
Based in Chaudfontaine (Liege), BAM Galere constructs buildings and infrastructure projects for both the public and private sectors. BAM Galere holds a leading position in French-speaking Belgium and is active in Wallonia, Brussels and - via subsidiary BAM Lux - in the Grand Duchy of Luxembourg. The company has annual revenues of approximately EUR200 million and 650 employees delivering construction and civil engineering projects. Current projects include a new hospital in Tournai (CHwapi 2), cultural centre 'Pole des Savoirs' in Liege, the structural works of Building Jean Monnet 2 for the European Commission in Luxembourg-Kirchberg, the renovation of the Huccorgne viaduct in the E42/A15 near Wanze and the Metro 3 Project in Brussels (connecting tunnel North station).
Ruud Joosten, CEO Royal BAM Group, said: 'This transaction marks a further step forward in delivering our strategy 'Building a sustainable tomorrow'. We are restructuring BAM's portfolio of businesses to focus on markets and projects where we can leverage our proven competitive strengths and serve the growing demand for sustainable solutions in the construction industry. With Thomas & Piron as the new owner, we have found a trusted partner and paved the way for the successful future of BAM Galere and its employees.'
Earlier this year, BAM announced it has reached agreement regarding the divestments of BAM Swiss, BAM Facilities Services (Deutschland) and BAM Deutschland.
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Niels van Dongen
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