Dutch Imtech, which has had a tough year after reporting irregularities in its Polish business, and writing off millions of Euros, has sold its ICT business to Vinci S.A. for €255m. The agreement is subject to competition clearance and customary closing conditions, and is expected to close well before the end of the year. The net proceeds of the transaction will be used for increased liquidity of the Group and debt reduction.
Gerard van de Aast, CEO of Royal Imtech: "After receiving the offer of Vinci S.A. we have carefully reviewed the options and concluded to accept it in the best interest of all our stakeholders. The resulting increased liquidity and debt reduction will strengthen our financial position. Vinci S.A. is a global player in concessions and construction, employing close to 191,000 people in some 100 countries. We are confident that the customers, suppliers and employees of Imtech ICT can look ahead to a good future."
In 2013, the revenue of the ICT division amounted to €740m. The ICT division employs 2,402 staff and has partnerships with IBM, Microsoft, Cisco, SAP, Juniper and EMC. Its strategy is built on five key portfolio offerings: cloud solutions, managed services, business analysis, collaboration solutions and business solutions. Imtech ICT provides services to approximately 7,000 customers in the Netherlands, Germany, Austria, Sweden, Belgium, the UK and the Philippines.
The divesture of the ICT division will not have an impact on Imtech's value proposition for customers, it says. Automation expertise and know-how in the field of amongst others building automation, infrastructure automation, telecommunication, industrial automation and technical automation are an integral part of the offered value proposition of the other Imtech divisions, it claims.