International law firm Stephenson Harwood LLP has advised GDF SUEZ Energy Services on the £190 million cash acquisition of Balfour Beatty's UK facilities management division – operating as Balfour Beatty WorkPlace. Completion is expected in the fourth quarter of 2013 and is conditional on inter alia, EU competition clearance.
Balfour Beatty WorkPlace is a leading provider of outsourced facilities management, business process outsourcing and energy services. The business has a number of major contracts in the UK with clients including the Department for Work and Pensions, HM Revenue & Customs and North East Lincolnshire Council as well as the Romec joint venture with the Royal Mail Group, which provides a wide range of technical and building services to Royal Mail, Post Office and Parcelforce Worldwide. The business generated £481 million of revenue in 2012 and has over 9,000 employees.
The acquisition will enhance GDF SUEZ's current offering within the energy and facilities services sector, which is delivered by Cofely, a member of the GDF SUEZ Group.
The Stephenson Harwood team advised on all issues relating to the acquisition and EU competition filing, including the tax and pensions aspects.
Commenting on the acquisition, Andrew Edge, partner in the corporate group said: "We are very happy to have advised GDF SUEZ on this successful acquisition. It is the latest in a series of deals that we have worked on for GDF SUEZ's Energy Services division. As the deal was multi-faceted we drew expertise from across a number of our specialist teams to deliver the desired result."
The Stephenson Harwood team was led by Andrew Edge, and supported by partners Liz Field, Marta Garcia, Dan Holland, Fraser Sparks, Graham Wrightson, Rebecca Carter, Jonathan Kirsop and associates John Meehan, Rob Gray and Graeme Barton. Balfour Beatty PLC was advised by Linklaters.
Stephenson Harwood has previously advised GDF SUEZ on the sale of the Logan Teleflex group of companies to Daifuku, and on the acquisition of Humber Energy Limited, a combined heat and power station in the North-East of England.