Caisse-backed Spie to raise 500 mln euros in new capital via IPO: Reuters

(Reuters) – French energy and communications services group Spie plans to raise 500 million euros (US$682 million) in new capital as part of an initial public offering that should be completed by the end of this year, Chairman Gauthier Louette said as the company delivered its official listing proposal.

The group, currently owned by private equity funds Ardian, Clayton Dublier & Rice and the Caisse de dépôt et placement du Québec, is also expected to sell existing stock in an offering that could take place this autumn and value the group at about 4 billion euros (US$5.5 billion).

Spie provides mechanical and electrical engineering services to help companies and the public sector make facilities more energy-efficient. It competes with GDF Suez unit Cofely, Dalkia, Vinci Energies and Sodexo.

(Reporting by Gilles Guillaume; Writing by Andrew Callus; Editing by Brian Love)

Photo courtesy of Shutterstock