French conglomerate Bouygues SA announced on Saturday that it will be buying Equans, the services unit of energy giant Engie SA. The purchase, worth 7.1 billion euros ($8.2 billion), is one of the largest deals in France this year. This is also the largest acquisition to be completed by Bouygues in its history.
“The multi-technical services market is an up-and-coming one with strong growth potential, and will play a crucial role in the energy transition,” Chief Executive Officer Olivier Roussat stated with regards to the deal.
Generating over 12 billion euros in annual revenue, Equans specializes in installing air conditioning, electrical systems, and telecommunications equipment as well as overseeing their maintenance. As a result of the sale, Equans will become Bouygues’ largest business unit in terms of revenue.
While Bouygues has excelled at making large strides in the construction, telecommunications, and media space, it has struggled to leave its mark on the energy sector. As a result, Equans should help Bouygues to make significant inroads in this regard.
For Equans, the sale will largely boost the company’s potential to accelerate its transition to clean energy and renewable power generation, as well as establish car-charging networks.
