Dutch Service Provider Imtech Buys 80% Stake in Turkey's AE Arma-Elektropanç

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Researched by Industrial Info Resources (Sugar Land, Texas)--Dutch technical services provider Imtech NV (AMS:IM) (Amsterdam, Netherlands) is purchasing an 80% stake in Turkish technical services provider AE Arma-Elektropanç (Istanbul, Turkey) and will buy the remaining 20% stake at a later time.

The initial acquisition price amounts to almost five times the company's EBITDA and will be paid in cash. Imtech didn't disclose a transaction value.

Turkish company AE Arma-Elektropanç employs 1,200 people and generates annual revenue of approximately €90 million.The company provides a comprehensive range of technical services, including high and low voltage, energy generation, power distribution, communications networks, HVAC, sanitation, water treatment, security systems and safety. The company also has offices in Moscow, Russia; Baku, Azerbaijan; Abu Dhabi and Dubai in the United Arab Emirates; Beirut, Lebanon; and Doha, Qatar.

The acquisition contributes directly to the earnings per share and will enable Imtech to acquire a strong position in Turkey, as well as an outpost in emerging markets such as the Middle East, Russia and various former Soviet Republics. The AE Arma-Elektropanç management will remain in place following the acquisition, thus guaranteeing continuity.

Through this acquisition, the number of Imtech employees rises by 4% to approximately 28,600. The acquisition is subject to the approval of the Turkish competition authorities.

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