Equans announces the signing of an agreement with the Swiss Life Asset Managers and Schroders Greencoat consortium for the sale of its UK district heating and cooling network activities
18 September 2023 - 8:00AM
Equans announces the signing of an agreement with the Swiss Life
Asset Managers and Schroders Greencoat consortium for the sale of
its UK district heating and cooling network activities
PRESS RELEASE
Paris, 18 September 2023
Equans announces the
signing of an
agreement with the Swiss
Life Asset
Managers and Schroders
Greencoat consortium for the sale
of its UK district heating and
cooling network activities
Equans, a world leader in the energy and
services sectors and a subsidiary of the Bouygues group, announces
the signing of an agreement, on 15 September 2023, for the sale of
its district heating and cooling networks in the UK for an
aggregate enterprise value of around £260 million1.
The purchaser is a consortium formed by Swiss
Life Asset Managers and Schroders Greencoat LLP.
The business to be sold, often known as Equans
Urban Energy, includes East London Energy Limited and Equans DE
Holding Company Limited. Humber Energy will also be included in the
transaction.
This sale forms part of Equans' strategic plan,
disclosed on 23 February 2023 at its Capital Markets Day, which
includes the sale of asset-based activities. It will have no impact
on Equans' revenue and COPA2 trajectory as presented at the Capital
Markets Day.
In the UK, Equans delivers annual revenues of
approximately £2.5 billion and is a key partner for the
decarbonisation of industries and cities. In this country, Equans
is fully focused on its core activities, supporting businesses,
communities and the public sector to deliver their decarbonisation
objectives through the provision of sustainable facilities
management and regeneration, and cutting-edge energy and digital
services.
Gabriele Damiani, Head of Core Infrastructure at
Swiss Life Asset Managers, and Minal Patel, Partner at Schroders
Greencoat, said: “we remain committed to Urban Energy’s net zero
ambitions and plan to make investments in the coming years to
support the continued decarbonisation and growth of both existing
and new heat networks. This will serve the UK’s wider Net Zero
objectives as well as the UK Government’s Levelling Up agenda, by
supporting local employment and investment in local critical
infrastructure.”
Completion of the transaction is expected in the
last quarter of 2023, subject to relevant approvals.
About Equans
Equans is a world leader in the energy and
services sector, operating in 20 countries, with 90,000 employees3
working on five continents and annual sales of nearly €18
billion4.
Equans designs, installs, and delivers
tailor-made solutions to improve its customers' equipment, systems
and technical processes and optimise their use in the context of
their energy, industrial and digital transitions. Thanks to a
strong local footprint linked to its historical local brands and
excellent technical know-how, Equans' highly qualified experts are
able to support territories, cities, industries, and buildings in
the fields of HVAC (Heating, Ventilation and Air Conditioning),
Cooling and Fire Protection, Facility Management, Digital and ICT,
Electrical, Mechanical and Robotics. Equans is a leader in the main
European markets (France, Switzerland, Belgium, the Netherlands and
the United Kingdom) and is also well-positioned in the United
States and Latin America. Equans is a Bouygues group company.
www.equans.com
Press contact
Florence Lépany Duval - +33 (0) 613381311
1 Equating to around £270m including IFRS 16 liabilities2
Current Operating Profit from Activities3 Combined figure (Equans+
Bouygues Energies & Services) at 31 December 20224 Combined
sales 2022 (Equans+ Bouygues Energies & Services), unaudited
data
- PR_Equans_agreement_sale_UK
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