Royal BAM Group has signed an agreement to divest shares of its operating company BAM Galère to Belgian construction firm Thomas & Piron Group.
BAM Galère includes its subsidiary BAM Lux and BAM Galère’s plant and equipment, managed by BAM Mat.
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Subject to approval of the competition authorities, the deal is expected to close in the first quarter of 2022.
Financial details of the deal have not been divulged.
The deal is expected to have limited impact on the income statement, and not alter BAM’s outlook for this year.
With its base in Chaudfontaine, Liège, BAM Galère undertakes construction of buildings and infrastructure projects for both the public and private sectors.
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By GlobalDataIt is claimed to hold a leading presence in French-speaking Belgium and is active in Wallonia, Brussels and through its subsidiary BAM Lux in the Grand Duchy of Luxembourg.
With annual revenues of around €200m, BAM Galère has about 650 employees.
Its present projects include cultural centre ‘Pôle des Savoirs’ in Liège, the structural works of Building Jean Monnet 2 for the European Commission in Luxembourg-Kirchberg, a new hospital in Tournai (CHwapi 2), the renovation of the Huccorgne viaduct in the E42/A15 near Wanze and the Metro 3 Project in Brussels.
Royal BAM Group CEO Ruud Joosten said: ‘This transaction marks a further step forward in delivering our strategy ‘Building a sustainable tomorrow’. We are restructuring BAM’s portfolio of businesses to focus on markets and projects where we can leverage our proven competitive strengths and serve the growing demand for sustainable solutions in the construction industry. With Thomas & Piron as the new owner, we have found a trusted partner and paved the way for the successful future of BAM Galère and its employees.’
Earlier this year, BAM reached an agreement on the divestments of BAM Swiss, BAM Facilities Services (Deutschland) and BAM Deutschland.
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Image: BAM Galère undertakes construction of buildings and infrastructure projects for both the public and private sectors. Credit: analogicus from Pixabay
