Altrad completes the purchase of a controlling majority stake of the share capital of Prezioso Linjebygg
Today, the 19th May 2016, the shareholders of Prezioso Linjebygg and the Altrad Group completed the sale and purchase of a controlling majority stake of approximately 90% of the share capital of Prezioso Linjebygg. As envisaged, the transaction received the approval of the Company’s works council and merger clearance from the relevant merger authorities.
The combined group now has annual revenues of over €2.3bn (on a 2014/15 proforma basis) and employs over 22,000 staff in 40 countries. The acquisition pushes the combined group into the top 3 largest SIPM maintenance companies in the world (Scaffolding, Insulation, Painting and Mechanical services).
Mohed Altrad, President of the Altrad Group recently declared: “Working alongside Prezioso Linjebygg is a very important step for the development of the Altrad Group. We are a very large corporation, a world leader in several sectors and now we are about to write a new page of our history, with additional services, solutions, markets and geographic opportunities at our disposal.”