LBO France to divest Cegelec

LBO France and the management have entered exclusive negotiations with Qatari Diar after seeing around 10 offers tabled for Cegelec. The price is reported to be around EUR1.7bn. LBO France initially acquired Cegelec in Q1 2006 for EUR1.1bn.

Nanterre-based Cegelec was founded in 1913. It is a technological solutions and services integrator that designs, installs and maintains systems and sub-systems for the infrastructure, industrial and tertiary sectors. Cegelec has 25,000 employees in around 30 countries. The firm generated EUR3bn in turnover in 2007.

Qatari Diar is advised by UBS, Merrill Lynch and The First Investor as M&A advisers; Baker & Mckenzie and Darrois Villey Maillot Brochier for legal matters; and Accuracy for the financial due diligences. Rothschild & Cie acted as corporate financiers for Cegelec. Qatari Diar is owned by Qatar investment authority.

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