GDF Suez acquires Balfour Beatty Workplace for under USD 295 million
Europe's largest operator of natural gas, GDF Suez, announced that it will be purchasing Balfour Beatty Workplace. Since the Paris-based utility network will be taking on the latter's debt and pension liabilities, it will be paying less than Balfour Beatty Workplace's estimated value of GBP 190 million or USD 295 million. Balfour Beatty Workplace is a unit of the biggest construction firm in the UK, Balfour Beatty Plc. It is engaged in the business of providing maintenance and building management to schools, government offices and hospitals.
GDF Suez said it is buying Balfour Beatty Workplace to enhance its energy services unit. The French company has been experiencing declining demand for electricity fired up by gas. The purchase of the Balfour unit enables them to diversify even as it disposes of its unprofitable gas plants. GDF Suez's Head of Energy Services Jerome Tolot said that the acquisition will also put their company in a strong position in the UK.