Bam completes sale of Wayss & Freytag
Royal Bam Group has sold its German subsidiary, Wayss & Freytag Ingenieurbau, to Zech Building.
Bam says that the sale (which was agreed back in June) is a major step in the ‘portfolio adjustment’ of the group, which will now focus on growth in the Netherlands, the UK and Ireland.
Zech Building, which is headquartered in Erkrath, North Rhine-Westphalia, specialises in shell structures, turnkey-ready buildings and the refurbishment and upgrading of existing buildings.
The sale of Wayss & Freytag, which has annual revenues in excess of €500 million (£440 million) and employs around 1,000 people, results in a book profit of approximately €50 million.
The transaction shortens Bam’s balance sheet and reduces liquidity and the use of bonding.