* Bilfinger says 99 percent of GVA shareholders accept offer
* Says parties agree not to disclose financial terms
* Deal boosts Bilfinger portfolio in UK
FRANKFURT, June 23 Bilfinger said on
Monday 99 percent of shareholders in GVA Grimley Holdings had
accepted its purchase offer, paving the way for the German
engineering and services company to completely acquire the
privately owned UK real estate group.
Bilfinger has been on a buying spree since 2011, spending
about 800 million euros ($1.09 billion) on two dozen companies
to reduces its dependence on the construction market, which is
vulnerable to hefty economic swings and price wars.
The GVA deal, whose financial terms were not disclosed,
boosts Bilfinger's portfolio in the United Kingdom and now
includes complex real-estate consulting and management services.
At the end of 2013, Bilfinger acquired facility services
provider Europa Support Services.
With the two acquisitions, Bilfinger increases the annual
turnover of its building and facilities business segment in the
United Kingdom from 35 million euros in 2013 to about 400
Sources said in May the terms valued GVA at about 150
million pounds ($255.27 million). GVA generated a turnover of
147.3 million pounds in the year to the end of April, up from
140.4 million pounds in the previous year.
GVA is a market leader for real-estate consulting services
in the United Kingdom, has 1,500 employees and aims for turnover
of around 190 million euros this year, Bilfinger said, adding
the group was "highly profitable".
($1 = 0.7366 Euros)
($1 = 0.5876 British Pounds)
(Reporting by Marilyn Gerlach, editing by Louise Heavens)