VINCI Energies has reached an agreement with Dutch group Royal Imtech to acquire its information and communication technologies division Imtech ICT at an enterprise value of €255 million.

The agreement, which is subject to competition clearance and customary closing conditions, is expected to close well before the end of the year. Imtech said the net proceeds of the transaction will be used for increased liquidity of the Group and debt reduction.

Gerard van de Aast, CEO of Royal Imtech commented:

 “After receiving the offer of Vinci S.A. we have carefully reviewed the options and concluded to accept it in the best interest of all our stakeholders. The resulting increased liquidity and debt reduction will strengthen our financial position. Vinci S.A. is a global player in concessions and construction, employing close to 191,000 people in some 100 countries. We are confident that the customers, suppliers and employees of Imtech ICT can look ahead to a good future.”

Imtech said the sale of the division would not have an impact on Imtech’s value proposition for customers. The firm added that automation expertise and know-how , including building automation, infrastructure automation, telecommunication, industrial automation and technical automation are an integral part of the other Imtech divisions.

In 2013 the division, which currently employs 2,402 staff, generated revenue of about €740 million. Imtech ICT provides services to approximately 7,000 customers in the Netherlands, Germany, Austria, Sweden, Belgium, the UK and the Philippines.

Vinci said the acquisition of Imtech ICT would significantly broaden VINCI Energies' range of telecommunications products and services. Operating in about 50 countries, including some 30 outside Europe, VINCI Energies generated revenue of €9.25 billion in 2013 and employs 63,000 people.