LBO France in Cegelec talks

The owners of Cegelec have entered into exclusive talks with LBO France on a possible buyout of the French electrical engineering group, according to AFX news quoting a source close to the deal. In August 2005, CDC Entreprises Equity Capital and Charterhouse announced their intention to sell their respective 45% stakes in Cegelec. The exit comes four years after they acquired the French electrical engineering group from Alstom for EUR 770m. LBO France is one of three private equity groups to have bid for Cegelec. Lehman Brothers was reportedly mandated to find a buyer for the company. Including debt, Cegelec is rumoured to be worth around EUR 1bn. French corporate buyers Bouygues, Eiffage, Vinci, Veolia Environnement and Suez, as well as several prominent private equity funds are also seen as potential buyers. In 1998, GEC Alsthom, a joint venture between Alsthom and General Electric, acquired Cegelec, a unit of French state-owned Alcatel Alsthom, for Fr 10.6bn.

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• Topics
• Buyouts
• France