BPI France reaps €271m on Eiffage stake sell-off

BPI France's partial exit features 2.7 million shares, which together represent a 2.9% stake, sold to other investors. In addition, a further 2.1% shareholding will be divested by the state-backed investor back to Eiffage itself.

The sale, intermediated by bookrunners Citigroup and Goldman Sachs International, features a 180-day lock-up period for the sale of additional shares by BPI France.

Eiffage, which listed on the Paris stock exchange with a €24.9 share price in August 2004, was most recently trading at €57.46 per share and was valued at €5.48bn.

The partial exit comes nine years after BPI France acquired close to 20% stake in the company. The purchase saw the investor become the second largest shareholder in the business, behind Eiffage's workforce, which collectively owned more than 25% of the capital.

Company
Eiffage was created in 1993 via the merger of construction businesses Fougerolle and SAE, which were founded in 1844 and 1924, respectively. The group offers construction and maintenance services for buildings and infrastructure, and electrical and climate-control engineering facilities. The business is reportedly the third largest actor in its segment in France and the fifth Europe-wide.

With headquarters in Vélizy-Villacoublay, Eiffage operates additional offices in Spain, Portugal, Italy, Germany, Benelux, the UK, Poland and Senegal, among other countries. The group employs 66,000 professionals and posted close to €13.9bn in revenues in 2014, 82.7% of which were generated in France.

People
BPI France's work on the deal was coordinated by Bertrand Finet, who is executive director of its Mid & Large Cap team. Pierre Berger is Eiffage's current CEO.

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• Topics
• France
• Exits
• Industrials
• France
• BPI France
• Partial sale