LDC to exit GVA following merger with Bilfinger
Private equity house LDC is to exit from UK commercial real estate consultant GVA once its merger with Bilfinger, the EUR8.6bn-turnover global engineering, construction and real estate services group, is finalised.
LDC’s initial investment of GBP40 million for a minority stake in GVA in 2007 supported the company’s growth through acquisition.
The merger will result in LDC, which currently holds a 27.5 per cent stake in GVA, exiting the business following a sustained period of investment that has helped GVA realise its growth plans.
Contracts have been exchanged and there was a 99 per cent shareholder vote – the minimum legally required was 76 per cent – in favour of the merger.
Bilfinger, which is based in Mannheim, Germany, has a market capitalisation of EUR3.2bn and is listed on the Dax Exchange. Having focussed on contracting for much of its 130-year plus history, Bilfinger refocused in 2001 on industrial, power, facilities management and real estate.
Bilfinger’s real estate division has operations across Europe and existing clients include RBS, IBM, AXA, Union Investments and IVG.
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