The decision was quick. Bouygues, Eiffage and the American investment fund Bain Capital associated with Fimalac (the holding company of businessman Marc Ladreit de Lacharrière), survivors of the seven initial applicants, had filed, Tuesday, November 2, offers to buy Equans, the multitechnical services activity (heating, air conditioning, digital, etc.) put on sale in September by Engie. The energy company announced on Saturday, November 6, following a board meeting held Friday evening, that it had accepted Bouygues’ offer, at a price of 7.1 billion euros.
Engie is “Entered into exclusive negotiations with Bouygues for the sale of 100% of Equans. Bouygues’ offer was the best in terms of all the criteria used by Engie, including from a financial standpoint ”, specified the seller. In terms of social guarantees, the three candidates had not managed to stand out, having made fairly close hiring commitments.
The two manufacturers, on the other hand, enjoyed an advantage vis-à-vis Engie insofar as the latter preferred to entrust its subsidiary and its 80,000 employees (including 27,000 in France) to a buyer considered more stable than an investment fund that buys and resells. The prize will have made it possible to decide between the candidates. According to our information, Bain Capital, which is in second place in terms of price, had offered 500 million euros less than Bouygues, which “Led the race from start to finish”, underlines a person close to the file.
“Nothing more to negotiate”
While expectations were more between 4 billion and 5 billion euros when Engie began to prepare this sale, it was doubly important for the seller to raise the stakes. First, because this capital will be used to allow the energy company to redeploy and invest, particularly in renewables. But also because the group, of which the State is the largest shareholder with 23.6% of the capital, was under pressure from all sides while some feared that the dice would be loaded … precisely in favor of Bouygues.
On the eve of the presidential election, the business community pointed to the risk of a political “gift” made to the owner of TF1. Bain Capital had therefore demanded that safeguards be put in place to guarantee the fairness of the process. Extremely rare device, the Canadian Marie-José Nadeau, the president of the audit committee of Engie, as well as a bailiff were present, Tuesday, during the presentation of the price envelopes.
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