November 17, 2021
Business

Engie eyes September bids as it kicks off services business sale, sources say

The logo of Engie is seen on central court at Roland-Garros stadium during the 2020 French tennis Open in Paris, France, October 4, 2020. REUTERS/Charles Platiau

PARIS, June 29 (Reuters) – French energy group Engie (ENGIE.PA) is set to kick off an auction for some of its services assets, with first bids due in September for a newly-created business that could be worth between 5 billion and 6 billion euros ($7.14 billion) altogether, two sources close to the matter said.

The gas and electricity provider is looking to pick an investor for a controlling stake in the unit by the end of the year, the sources said.

Engie (ENGIE.PA) is trying to simplify its structure by selling off some activities to concentrate on others such as renewable energy, streamlining its sprawling structure.

French energy services rival SPIE (SPIE.PA) and conglomerate Bouygues (BOUY.PA) are among potential…

Read full article here: www.reuters.com