Austrian contractor Strabag has completed its takeover of German construction firm Ed ZÃ¼blin by buying out minority shareholders for about €210m ($240m). The company now holds 94.9% of ZÃ¼blin and the remaining shares will be bought in the future.
The purchase agreement with ZÃ¼blin minority shareholders was signed on 6 April.
Thomas Birtel, the chief executive of Strabag, said: "Over the course of Strabag and ZÃ¼blin’s 10-year working relationship, we have defined common goals and are on the path to success. The full merger will allow an even closer partnership, facilitating the coordination of our corporate strategy and making cooperation easier within the group."
As well as the €210m purchase price, which did not involve any Strabag shares, the agreement includes a variable amount, to be determined depending on ZÃ¼blin’s net income over the next four years.
Strabag initially acquired its stake in ZÃ¼blin in 2005, after its former owner, Walter Bau, became insolvent. It has gradually built up its holding since then. Most recently, Strabag held 57% of ZÃ¼blin’s shares, and has based its German construction and civil engineering operations around ZÃ¼blin.
On 14 March, ZÃ¼blin won the contract to build the new corporate headquarters of hotel romm-price comparison company Trivago in DÃ¼sseldorf (pictured). The entire project, including construction design, has a value of about €81m ($92m). Work has already begun and is scheduled for completion in mid-2018.
Image: ZÃ¼blin’s latest win: Travago’s DÃ¼sseldorf headquarters (Strabag)