BAM has agreed to sell the shares of its German operating arm BAM Deutschland to Zech Group SE and Gustav Zech Foundation
The sale of BAM Deutschland, which is subject to approval of the competition authorities, is expected to close in October.
Financial details of the transaction have not been disclosed.
The divestment of BAM Deutschland will support BAM’s capital ratio by shortening the balance sheet and will reduce liquidity and the use of bonding.
The transaction will have a limited impact on the 2021 income statement, and will not change BAM’s outlook for 2021.
‘Focus on Netherlands, UK and Ireland’
Ruud Joosten, CEO Royal BAM Group, said: “This transaction is a major step forward in delivering our strategy Building a sustainable tomorrow.
“BAM is focusing on growth markets in the Netherlands, United Kingdom and Ireland, where we have scale and competitive advantage. In other markets, we are managing our subsidiaries for value and potential divestment.
“With Zech Group and Gustav Zech Foundation as the new shareholder, we have found a trusted partner and paved the way for the successful future of the company and its employees.”
Olaf Demuth, member of the board of Zech Group SE, added: “The employees and their associated know-how, as well as the projects of BAM Deutschland, perfectly complement our existing service portfolio.
“With this transaction, we are pleased to be able to further expand our building business unit with a high level of competence. In addition, another important step is to solidify our market-leading construction activities.”