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ENGIE buys Keepmoat’s regeneration business

ENGIE has signed an agreement to acquire the regeneration business of Keepmoat for £330 million from TDR and Sun Capital.

Keepmoat specialises in the design, refurbishment and upgrade of buildings and places, helping to transform communities and strengthen local economies. The business is closely aligned to ENGIE’s energy and services strategy in the UK, and according to ENGIE the transaction will enable it to offer a complementary range of services to local governments, cities and businesses across the UK and strengthen its existing network of local authority partnerships.

The Keepmoat regeneration business has an annual turnover of approximately £800 million and employs 2,500 staff across the UK. It has built strong partnerships over the last 30 years and has long-term relationships with more than 170 local councils and many of the largest housing associations. The business currently has a £1 billion order book and a £9 billion pipeline of regeneration opportunities across the UK.

Wilfrid Petrie, CEO of ENGIE in the UK & Ireland, said:

“ENGIE aims to be the number one partner for cities and places in the UK and with the Keepmoat regeneration business we are extending and deepening our relationships with local authorities right across the country. By combining our energy expertise with an expanded services capability we can make a bigger impact, as we help to improve the lives of the communities we serve.

“Today, buildings account for 30 per cent of UK carbon emissions and our investment in Keepmoat underlines our long-term commitment to the UK as it transitions to a lower carbon economy. This transaction will also support our growth ambitions for decentralised energy networks and our home energy business as the regeneration activities will bring us closer to the end customer.”

Completion of the transaction is conditional on anti-trust clearance and is expected to take place in a few months.

Dave Sheridan, CEO of Keepmoat, will join ENGIE at completion together with the entire regeneration division’s infrastructure and employees.

The total consideration of £330 million represents ENGIE’s largest UK acquisition in five years and signals the Group’s ongoing commitment to investment in the UK.

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