Spie: sells last of SAG businesses to Vorwerk
(CercleFinance.com) - Spie announces the signing of an agreement with Friedrich Vorwerk for the sale of its construction and gas technology activities in Germany, which mainly include the construction of pipelines and underground power lines.
This transaction marks Spie's complete exit from SAG's gas & offshore division, which is part of the French multi-technical services group's strategy to focus on its core business.
Vorwerk is majority owned by the family holding company MBB SE, which is listed in Frankfurt. Subject to compliance with the usual conditions, the deal - whose financial terms have not been specified - should be completed before the end of 2019.
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