SPIE in €250 Million Acquisition of Service Solutions Business from HOCHTIEF

Cleary Gottlieb is representing French engineering group SPIE S.A. in the acquisition of the Service Solutions Business from HOCHTIEF Solutions AG, a subsidiary of German construction group HOCHTIEF AG, for €250 million. The transaction was announced on June 28 and is retroactively effective as of January 1, 2013. It is subject to regulatory approval and is expected to close by the end of the year at the latest.

The Service Solutions Business of HOCHTIEF Solutions, in which the company’s facility and energy management activities are pooled and which employs 6,000 staff members, will be transferred into a subsidiary by way of a spin-off.

SPIE, located in Cergy-Pontoise, France, is an independent European leader in electrical and mechanical engineering and HVAC services, energy and communications systems. According to SPIE, the acquisition will make Germany SPIE’s largest market outside France.