Strabag to sell its hydraulic engineering business 07 Jan 2016

European-based construction and technology group Strabag SE has reached agreement with leading Netherlands-based dredging and marine infrastructure specialist Boskalis over the sale of its hydraulic engineering business. As part of an asset deal with a purchase price of €70 million, Hamburg-based Strabag Wasserbau GmbH, the leader in the German dredging sector, will transfer its equipment, staff and a series of recently signed maintenance contracts to the new buyer.

The transaction will help Boskalis strengthen its position in the core market of Germany. “We have decided to sell our hydraulic engineering assets to Boskalis, which is capable of operating the business strategically,” said Thomas Birtel, CEO of Strabag SE. “Within our group, these activities would be consigned to a niche area so we are especially pleased that Boskalis is also willing to further employ the 238 employees of Strabag Wasserbau.”

The transaction is expected to be finalised in the first quarter of 2016, pending approval by the supervisory board of Strabag and the cartel authorities. The transaction will then become effective retroactively to 1 January 2016.

Strabag had entered the business field in September 2007 with the acquisition of 70% of German hydraulic engineering specialist Josef Möbius Bau Aktiengesellschaft. The remaining 30% was purchased in July 2011. In 2013, Josef Möbius Bau was renamed Strabag Wasserbau. The remaining outstanding contracts will be taken over by Boskalis or will be completed by Boskalis as a subcontractor.