Member Article

Bilfinger engulfs GVA in an international ‘strategic partnering’

The shareholders of GVA, the property consultants with offices in Leeds, have voted in favour of a ‘strategic partnering’ with international engineering, management and real estate giant Bilfinger.

In a move that required a 76% vote from all GVA stakeholders in favour of a partnership that will be nothing short of transformational for both companies, 99% voted in favour of the board’s proposition.

The decision to work with Bilfinger Real Estate as GVA’s preferred strategic merger partner follows the completion of a six month review by investment bank Canaccord Genuity, into GVA’s options to enhance its medium to long-term growth.

The review concluded with the signing of a memorandum of understanding in May to establish a merger between the two parties. Following that, a vote was taken over a 28 day ‘consideration period’ in which 280 GVA directors and LDC, the private equity investor with a 27.5% shareholding in GVA, considered and decided on a ‘yes’ or ‘no’ vote.

The transaction will involve a transfer of GVA’s existing shares to give Bilfinger Real Estate 100% ownership.

The move will see the UK’s largest independent commercial property adviser acquired by Bilfinger Real Estate, the commercial property consultancy that sits within the €8.5 billion-turnover company, and over the coming three years propelled onto the international stage.

Rob Bould, chief executive of GVA comments: “Obviously we’re delighted with the outcome of the vote. There can be no other clearer indication that this is what we as a collective feel is the best cause of action to ensure GVA’s future growth and prosperity.

“This latest chapter in our 200 year history marks a real milestone and game-changer for GVA. I have no doubt that our partnering with Bilfinger Real Estate will transform our drive for major growth and significantly strengthen our ambitions to compete with our largest competitors, on the world stage.”

Aydin Karaduman, CEO at Bilfinger Real Estate, comments: “We are pleased, and very excited to see that what we are working towards is a popular cause of action for GVA stakeholders, as it is here at Bilfinger Real Estate.

“This very positive sentiment within both companies towards the move will help ensure a successful transition and integration over the coming months and years.”

This was posted in Bdaily's Members' News section by Clare Burnett .