Engie, the French gas and renewable energy giant, is about to sell its subsidiary Endel, a maintenance specialist in industry and nuclear, to the Altrad group, we learned from corroborating sources.
Contacted by
Le Figaro
, Engie and Altrad did not wish to speak.
According to our information, the takeover by Altrad has received the green light from the State, a 23.64% shareholder in Engie, as well as that of EDF, main customer of Endel's nuclear activity.
The group had announced its intention to sell its subsidiary, which employs around 6,000 employees, in the fall of 2020. It has mandated the Crédit Agricole CIB bank on this matter.
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However, according to a source familiar with the matter, the sale of Endel would be
"at a negative price"
, Engie paying Altrad so to speak for the takeover of its subsidiary.
One of Endel's two activities, that of industrial maintenance, is indeed struggling
.
“The valuation is not terrible
, recognizes another source.
The company has real
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