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UPDATE 1-Germany's Bilfinger acquires UK real estate firm GVA
June 23, 2014 / 8:52 AM / 3 years ago

UPDATE 1-Germany's Bilfinger acquires UK real estate firm GVA

* Bilfinger says 99 percent of GVA shareholders accept offer

* Says parties agree not to disclose financial terms

* Deal boosts Bilfinger portfolio in UK (Adds background)

FRANKFURT, June 23 (Reuters) - 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 million euros.

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)

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