Alstom Contracting, the electrical engineering and services division of the Alstom Group, has announced that it is to become a fully independent business via an MBO backed by CDC Equity Capital (CDC Ixis Group) and Charterhouse Development Capital, together with its own management team.
Following the completion of the EURO770 million deal, Alstom Contracting will operate under the brand name of
The MBO of Alstom Contracting will rate among the largest to happen to a European industrial company. The unit is to assume the name of Cegelec which is the original name of the business acquired by Alstom Group in 1998.
Under the management of Claude Darmon and Jacques Gounon, the new firm plans to move forward in terms of growth by increasing technological capabilities, focusing on the services activity, and expanding the presence of the firm into a consolidated global position.
Darmon, future chairman of Cegelec, said, “This new freedom will allow us to be much more responsive to our clients, aided by our extensive office network. In order to bring them the best solutions, we are going to speed up the development of services.”
The completion of the transaction is expected towards the end of June 2001.