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| Hochtief completes sale of the Services business line Hochtief Solutions AG, Essen, completed closing of the sale of its Service Solutions business line, in which the company's facility and energy management activities are pooled, to SPIE S.A., Cergy-Pontoise/France. The selling price amounts to approximately EUR 250 million, which has been fully paid in cash on closing. The sale has been completed expediently through a process lasting just six months. The closing of the Service Solutions sale represents another important milestone in the delivery of the strategy announced at the beginning of 2013. The sale follows last week's completion of the divestment of Hochtief's stake in Sydney Airport. Hochtief expects closing of the sale of the entire Airports business line to PSP Investments for a total of approximately EUR 1.1 billion before the end of the year. Together, the Services and Airports transactions will generate approximately EUR 1.35 billion in proceeds (pre-tax). The Group's aim is to achieve increased cash-based profitability whilst reducing debt. In future, Hochtief will focus on its core competency, delivery of infrastructure projects, streamline the organization and sell non-core businesses. In addition to the Services and Airports businesses, Hochtief is also working on divesting other non-core businesses or looking for strategic partners. write your comments about the article :: © 2013 Construction News :: home page |