The energy services arm of French utility Suez has acquired the entire share capital of Crespo y Blasco, one of the major players in installation and energy services in Spain.
Suez said that the acquisition will help its energy services arm to consolidate the strong growth of its activities in the Iberian Peninsula, in particular in the tertiary sector and in public infrastructures. In addition, Suez expects the purchase to strengthen the company’s offerings of solutions in energy efficiency services among key industrial, tertiary and municipal clients.
Through amalgamating its Spanish subsidiaries Crespo y Blasco, Axima Sistemas e Instalaciones and Elyo Iberica into a single unit, Suez Energy Services achieves revenues of E420 million and employs 2,700 staff members in Spain, the company said.
Crespo y Blasco has taken part in the realization of technical projects in Spain, such as the installation of HVAC systems and the energy performance of the hospital ‘del Norte’ in Madrid, as well as the implementation of the signage systems on the Madrid ring road.
Suez said that the acquisition will strengthen the company’s position on the Spanish energy market and the European sector as a whole. The financial details of the transaction have not been disclosed.
Suez also recently reinforced its position as third shareholder of Spanish utility Gas Natural, by increasing its holding to 11.3% of share capital on condition that CNE, the Spanish energy regulator, gives permission for the part that exceeds 10%.