Equans finalised on 31st December 2023 the sale of its UK district heating and cooling networks to the Swiss Life Asset Managers and Schroders Greencoat LLP consortium.
In accordance with the agreement signed on 15 September 2023[1], and after having obtained the necessary approvals from the European Commission and the Cabinet Office, Equans finalised the sale of its district heating and cooling networks in the UK to the consortium formed by Swiss Life Asset Managers and Schroders Greencoat LLP, excluded Humber Energy, for an aggregate enterprise value of around £255 million[2].
The business sold, known as Equans Urban Energy, includes East London Energy Limited and Equans DE Holding Company Limited. Humber Energy is excluded from the scope pending completion of its sale in 2024.
This sale forms part of Equans' strategic plan, disclosed on 23 February 2023 at its Capital Markets Day, which includes the sale of asset-based activities. It will have no impact on Equans' revenue and COPA[3] trajectory as presented during Capital Markets Day.
About Equans
Equans subsidiary of the Group Bouygues, is a world leader in the energy and services sector, operating in 20 countries, with 90,000 employees[4] working on five continents and annual sales of nearly €18 billion[5].
Equans designs, installs, and delivers tailor-made solutions to improve its customers' equipment, systems and technical processes and optimise their use in the context of their energy, industrial and digital transitions. Thanks to a strong local footprint linked to its historical local brands and excellent technical know-how, Equans' highly qualified experts are able to support territories, cities, industries, and buildings in the fields of HVAC (Heating, Ventilation and Air Conditioning), Cooling and Fire Protection, Facility Management, Digital and ICT, Electrical, Mechanical and Robotics. Equans is a leader in the main European markets (France, Switzerland, Belgium, the Netherlands and the United Kingdom) and is also well-positioned in the United States and Latin America.
[1] Press release dated 18 September 2023
[2] Equating to around £265m including IFRS 16 liabilities
[3] Current Operating Profit from Activities
[4] Combined figure (Equans+ Bouygues Energies & Services) at 31 December 2022
[5] Combined sales 2022 (Equans+ Bouygues Energies & Services), unaudited data
