Bouygues Unit Equans To Sell UK District Heating And Cooling Network To Consortium For £260 Mln
Equans, affiliated to French telecom, media, and construction company Bouygues SA (BOUYY.PK), announced Monday that it has signed an agreement to sell its UK district heating and cooling network activities to a consortium formed by Swiss Life Asset Managers and Schroders Greencoat LLP. The deal is for an aggregate enterprise value of around 260 million pounds.
Completion of the transaction is expected in the last quarter of 2023, subject to relevant approvals.
The energy and services sector company said the business to be sold, often known as Equans Urban Energy, includes East London Energy Limited and Equans DE Holding Co. Ltd.. Humber Energy will also be included in the transaction.
The sale is part of Equans’ strategic plan, which was disclosed in February at its Capital Markets Day, which includes the sale of asset-based activities.
The company expects the sale to have any impact on its revenue and COPA2 trajectory.
In the UK, Equans delivers annual revenues of around 2.5 billion pounds.
Gabriele Damiani, Head of Core Infrastructure at Swiss Life Asset Managers, and Minal Patel, Partner at Schroders Greencoat, said, “we remain committed to Urban Energy’s net zero ambitions and plan to make investments in the coming years to support the continued decarbonisation and growth of both existing and new heat networks. This will serve the UK’s wider Net Zero objectives as well as the UK Government’s Levelling Up agenda, by supporting local employment and investment in local critical infrastructure.”
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