Royal BAM Group (BAM) has completed the divestment of its German operating firm Wayss & Freytag Ingenieurbau to ZECH Building.
ZECH Building groups all construction works of the Zech Group.
This deal was announced in June this year.
BAM believes that this deal marks a key step in the group’s portfolio adjustment as per its strategy ‘Building a sustainable tomorrow’.
The company intends to concentrate on growth markets in the Netherlands, the UK, and Ireland, where it sees scale and competitive benefits.
The sale of Wayss & Freytag Ingenieurbau, which posts annual revenues of more than €500m and has about 1,000 employees, has booked a profit of about €50m for BAM.
This transaction also improves BAM’s balance sheet and cuts down liquidity and the use of bonding.
Furthermore, BAM’s capital ratio has enhanced by 2.3%.
Wayss & Freytag Ingenieurbau is based in Frankfurt am Main.
It has presence in the German civil engineering market and tunnel construction space.
In June, Royal BAM Group CEO Ruud Joosten said: “We consider the current transaction as a major step in the portfolio adjustment of our Group, based on our strategy Building a sustainable tomorrow. BAM focuses on growth markets in the Netherlands, the United Kingdom and Ireland, where we have scale and competitive advantage.”
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Image: Wayss & Freytag Ingenieurbau has presence in the German civil engineering market and tunnel construction space. Credit: Danny See Chuan Seng from Pixabay.
