(AOF) – Spie, specialist in multi-technical services in the fields of energy and communications, announces the signing of an agreement relating to the acquisition of 92% of ICG Group in Germany. The company based near Stuttgart employs nearly 720 people and generates a turnover of around 230 million euros in 2023 with margin levels above 10%.
With this acquisition, Spie will be able to enter the 5G mobile telecommunications infrastructure market and strengthen its positioning in the fiber market, a strategic choice since Germany is just beginning the deployment of fiber across the country and is one of the European countries furthest behind in this area.
The transaction multiple is 9.1x 2023 EBITA and 7.5x expected 2024 EBITA. The transaction should result in a mid-single-digit accretion to the Group’s EPS from the first year. The acquisition will be financed with the Group’s existing financial resources while maintaining a disciplined financial policy in terms of financial debt leverage.
Spie will acquire 92% of the capital upon closing of the transaction, while the remaining 8% will be held by the current management team which remains in place and will actively contribute to the continued development of the activities.
The agreement provides for call and put option mechanisms on this 8%.
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