Strabag to acquire € 1 billion FM business
By Chris Sleight23 July 2008
Strabag has agreed to buy Deutsche Telekom's facilities management (FM) subsidiary, DeTelmmobillien. The business employs 6240 people and has annual revenues of € 1 billion. Terms of the acquisition were not disclosed.
DeTelmmobillien is focused on the German FM market, where it employs 90% of its staff. A large part of its work involves providing services to Deutsche Telekom itself, and under the terms of the deal, Strabag has signed contract agreeing to continue this work for at least ten years.
Commenting on the acquisition, Strabag CEO Hans Peter Haselsteinter said, "With the acquisition of DeTelmmobillien we are pursuing a strategy of extending the competencies in the area of construction-related services. The construction business fluctuates over the course of the year and with the economic cycle. Facility management, with its characteristically longer-term contracts, helps to smooth out seasonal and cyclical fluctuations."
HE continued, "Until now Strabag has been the number one in Germany only in construction. As of today we also play a leading role in facility management. We will use DeTelmmobillien's know-how to achieve a leading European in this segment as well."The acquisition is due to take effect on1 October. This will see DeTelmmobillien merged with Strabag's existing, but much smaller, Strabag Facility Management subsidiary.