Spie : Implications of the scenario of a takeover of Equans
>Spie unveiled last week the outlines of its indicative offer for Equans, the multi-technical services business put on the block by Engie - The financial structuring appears to us a little less aggressive than we feared, with pro forma net leverage of around 3x (whereas the CEO said in late July that leverage could rise up to 3.0-3.5x in case of a transformative deal, and Spie’s leverage reached 3.3x on 2017 following the acquisition of German company SAG) and a siz...Spie is a provider of electrical engineering and IT services and an infrastructure and building contractor. Co. helps to design, finance, manage and implement an array of projects ranging from high-speed TGV and conventional rail lines to metros and light rail systems. In addition, Co. offers telecom and information network services. Through the Commercial Segment, Co. is engaged in construction and renovation projects. Co. also offers wired building services as well as multi-disciplinary industrial maintenance and facilities management solutions.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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