Bam says that the sale (which was agreed back in June) is a major step in the 鈥榩ortfolio adjustment鈥� of the group, which will now focus on growth in the Netherlands, the UK and Ireland.
Zech Building, which is headquartered in Erkrath, North Rhine-Westphalia, specialises in shell structures, turnkey-ready buildings and the refurbishment and upgrading of existing buildings.
The sale of Wayss & Freytag, which has annual revenues in excess of 鈧�500 million (拢440 million) and employs around 1,000 people, results in a book profit of approximately 鈧�50 million.
The transaction shortens Bam鈥檚 balance sheet and reduces liquidity and the use of bonding.
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