Natural gas and electricity supplier Engie, formerly called GDF Suez (GDSZF.PK, GDFZY.PK), said Monday that it has agreed to acquire Conti Corporation and its subsidiaries Indicon Corporation, Ion Electric, LLC and McGilvray Mechanical, LLC. Conti is a construction and energy services company operating in the U.S. and Canada.
Financial details of the transaction were not disclosed. The transaction, which is subject to several legal formalities, including approval by the Federal Trade Commission or FTC, is expected to close in early July 2019.
Conti and its subsidiaries provide construction services in the building, design, engineering and construction sectors providing heating and air conditioning, electrical and mechanical systems and digital networks, industrial systems and control panels. In addition, Conti has expertise in solar farm construction.
Engie noted that acquisition of Conti will significantly increase the Group's ability to optimize and modernize its clients' assets, in order to make them more energy-efficient. In addition, Conti's excellence in solar power plant construction will support the development of Engie's renewable energy projects in the region.
Conti, Indicon, Ion and McGilvray will join the Engie Services North America team within Engie North America, overseeing Energy Services, Contracting and Facility Management businesses. More than 2,000 employees from the Conti teams will join Engie.
Franck Bruel, Executive Vice President of Engie, who supervises the North America, United Kingdom and Latin America Business Units, said, "We are also looking forward to welcoming clients of Conti, Ion, McGilvray and Indicon to our client base in North America, where we are working on more than 55,000 projects. With them, we will continue to develop our potential and devise comprehensive and innovative solutions to lead the zero-carbon transition."
Engie has acquired several energy services companies in North America since the fall of 2017. This includes six mechanical and electrical services companies owned by Talen Energy Group, Unity International Group, Donnelly Mechanical Corporation and Systecon Inc.
In addition, Engie is already undertaking several zero-carbon transition "as a service" projects in North America, for Target, Walmart, Ohio State University, Verizon Wireless, Walgreens, and Canadian government and parliament buildings in Ottawa.
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