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Dalkia to join MITIE Group

13 August 2009

Recent market rumours that MITIE was in talks to acquire Dalkia were confirmed yesterday (13th August) with the announcement of a £130m deal that sees 2,700 Dalkia staff join the MITIE Group

MITIE Group has acquired the entire issued share capital of Dalkia Energy and Technical Services Limited and Parkersell Limited (together, Dalkia Technical Facilities Management (DTFM) from Dalkia plc for £130m on a cash and debt free basis. The initial consideration of £120m has been paid in cash, funded from MITIE’s existing bank facilities. MITIE also announces today a fully underwritten placing of 19million new ordinary shares representing approximately 6 per cent of MITIE’s issued ordinary share capital.
DTFM comprises the UK (excluding Northern Ireland) commercial and retail & specialist divisionsof Dalkia plc. In the year ended 31 December 2008, Dalkia Technical Facilities Management reported revenues of £263m with operating profits (EBITA) of £8.5m an d PBT of £8.5m. (Adjusted (2), EBITA was £10.1m and EBITDA was £12.6m., DTFM expects to report adjusted revenue of approximately £261m with EBITDA of £12.3m for the year ending 31 December 2009. Its orderbook stands currently at about £0.5bn. The new MITIE Technical Facilities Management business will have combined revenues of £423m.
The enlarged group has combined historic revenues of approximately £1.8bn with combined historic EBITA of approximately £91m1, and employs over 54,000 people.
The deal, which will see 6,000 DTFM transferred to MITIE’s Asset Management division will significantly enhance MITIE’s service portfolio MITIE is organised in three division – Facilties Management, Asset Management and Property Management. The Asset Management division is sub-divided into Technical FM including MITIE FM and Dalkia, Infrastructure and Engineering Services. Its Energy Management/Carbon care offering will operate across all three divisions.
It had already identified a growing market opportunity to implement carbon reduction, sustainability and environmental programmes.
Ruby McGregor-Smith, Chief Executive, MITIE Group PLC, commenting on the acquisition, said: "We are delighted to have concluded this strategically important transaction which enhances our leading position in the integrated facilities management market in the UK. This transaction brings together MITIE’s facilities management services and Dalkia’s technical facilities management capabilities and strengthens our platform for sustainable profitable growth. MITIE is now even better placed to provide our clients with facilities, property and asset management services that will assist our client in meeting the requirements of a low carbon economy. There will be significant opportunities for MITIE and Dalkia plc to work together in future partnerships. We welcome all the Dalkia FM people to MITIE and are looking forward to an exciting future for the enlarged group."
Luis Pais Correia, CEO of Dalkia’s Northern Europe Zone, stated: "MITIE has recognised the strength of Dalkia Technical Facilities Management and its people and will use this expertise to expand their offering to existing and new customers. I am confident that the business will continue to develop successfully. I look forward to working with MITIE on opportunities going forward."

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