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SNC-Lavalin announces agreement to sell Scandinavian Engineering Services business to Systra Group
SNC-Lavalin announces agreement to sell Scandinavian Engineering Services business to Systra Group – SYSTRA expands in Scandinavia with three acquisitions in Sweden, Denmark and Norway (Credits: SYSTRA)
- Executes on strategic review to further focus on core growth markets to maximize value creation
- Sale proceeds to provide additional funds to accelerate Company’s capital allocation priorities
- Enterprise Value of approximately £80m, with further equity value adjustments to be reconciled and paid in cash at closing
SNC-Lavalin, a fully integrated professional services and project management company with offices around the world, has entered into a binding agreement to sell its Scandinavian Engineering Services business – comprising Denmark, Sweden and Norway – to Systra Group, a France-based engineering and consulting group specialized in public transport and mobility solutions.
The transaction – which is subject to regulatory approvals and satisfaction of customary closing conditions - represents another step forward in the company’s strategy to reduce its risk profile, drive consistent profitable growth, and accelerate its ongoing transition to becoming a leading provider of professional engineering services and project management solutions in identified strategic areas. At completion, which is anticipated to occur in the fall of 2023, the transaction is expected to generate a gain on sale.
“Last March, we indicated that we would be conducting a strategic review to focus on the solid growth we had achieved in 2022. Today, this agreement further optimizes our portfolio of activities and ensures that capital and human resources are deployed to the areas of our business with the highest value-creation potential. Moving forward, as we continue to deliver on our “Pivoting to Growth Strategy”, we’ve positioned ourselves in fast growing markets fueled by energy transition and infrastructure investments,” said Ian L. Edwards, President and CEO of SNC-Lavalin Group Inc.
“I would like to thank all employees from our Scandinavian Engineering Services business for their contributions over the years and wish them well in the next stage of their journey,” added Mr. Edwards.
Pierre Verzat, the CEO of Systra said: “Systra's teams have already been able to contribute to numerous transport and mobility projects in these three countries, and these acquisitions will enable us to take on a new dimension in this region, opening new opportunities in our core markets of transport infrastructure and mobility. I'm confident in the great collaboration we will be able to create with our new colleagues, for the benefit of territories and populations.”
The Scandinavian Engineering Services business has around 750 employees, and primarily services the transportation end-market.
Founded in 1911, SNC-Lavalin is a fully integrated professional services and project management company with offices around the world dedicated to engineering a better future for our planet and its people. We create sustainable solutions that connect people, technology and data to design, deliver and operate the most complex projects. We deploy global capabilities locally to our clients and deliver unique end-to-end services across the whole life cycle of an asset including consulting, advisory & environmental services, intelligent networks & cybersecurity, design & engineering, procurement, project & construction management, operations & maintenance, decommissioning and capital – and delivered to clients in key strategic sectors such as Engineering Services, Nuclear, Operations & Maintenance and Capital.
Systra is one of the world's leading engineering and consultancy groups specialising in public transport and mobility solutions. For more than 65 years, the Group has been committed to helping cities and regions to contribute to their development by creating, improving and modernising their transport infrastructures. With its 9,500 employees (May 2023), the Group's mission is to make travel more fluid throughout the world in order to bring populations closer together and facilitate access to employment, education, care and leisure. Signature team for transport solutions, Systra supports its partners and clients throughout the lifecycle of their projects.
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