BAM sells engineering consultancy Tebodin to Bilfinger Berger
Bunnik, The Netherlands, 29 February 2012 - Royal BAM Group nv has reached agreement to sell consultancy and engineering firm Tebodin to Bilfinger Berger. The transaction has a total cash consideration of approximately €145 million. BAM and Bilfinger Berger expect to close the transaction in the second quarter of 2012.
BAM has announced in November 2011 that it was reconsidering the position of Tebodin within the Group. Following this announcement, BAM decided to look for an external partner that can support Tebodin's development opportunities. With this transaction BAM is taking further steps in line with the Group’s strategic agenda to increase the focus on its core business activities and to strengthen its financial position.
The transaction is expected to result in a book profit of approximately €65 million. The proceeds will be used mainly to reduce Group net debt.
Tebodin B.V. in The Hague (the Netherlands) is an independent, multidisciplinary consultancy and engineering firm with a turnover of €210 million (2010). Tebodin offers her clients worldwide the knowledge and experience of around 3,200 experts in industry, health and nutrition, oil and gas, chemicals, infrastructure, property, and energy and environment. The company has a network of offices in West, Central and Eastern Europe, the Middle East, Asia and Africa.
Further information:
- press: A.C. Pronk, +31 (0)30 659 86 21;
- analysts: P.R.E. Snippe, +31 (0)30 659 87 07.