The Netherlands' Royal BAM Group's press release is below.

BAM concludes sale of German civil company Wayss & Freytag Ingenieurbau to ZECH Building

16 September 2022 07:15 - Royal BAM Group nv

Bunnik, the Netherlands, 16 September 2022 – Royal BAM Group nv has sold its German operating company Wayss & Freytag Ingenieurbau to ZECH Building SE, which bundles all construction activities of the Zech Group. The transaction, announced on 21 June 2022, has been successfully completed.

BAM considers the current transaction as a major step in the portfolio adjustment of the Group, based on its strategy Building a sustainable tomorrow. BAM focuses on growth markets in the Netherlands, the United Kingdom and Ireland, where BAM has scale and competitive advantage.

The divestment of Wayss & Freytag Ingenieurbau (annual revenues of more than €500 million and 1,000 employees) results in a book profit of approximately €50 million. Also, the transaction shortens the Group’s balance sheet, and reduces liquidity and the use of bonding. BAM’s capital ratio improves by 2.3 per cent.

https://www.bam.com/en/press/press-releases/2022/9/bam-concludes-sale-of-german-civil-company-wayss-freytag-ingenieurbau-to?position=1&list=Llb8uroF7TIVlOdUP1OSMBKTeRJA6vUVmTP6vU458Pg