GVA shareholders give green light to merger

GVA shareholders have voted overwhelmingly in favour of a strategic partnering with international engineering, management and real estate giant Bilfinger.

In a move that required a 76% vote from all GVA stakeholders in favour of a partnership, 99% voted in favour of the board’s proposition.

The decision to work with Bilfinger Real Estate as GVA’s preferred strategic merger partner follows the completion of a six month review by investment bank Canaccord Genuity, into GVA’s options to enhance its medium to long-term growth.

Exchange of contracts took place today (Monday) as a result of this result which means that, subject to outstanding legalities, completion is expected before the end of June 2014. The transaction will involve a transfer of GVA’s existing shares to give Bilfinger Real Estate 100% ownership.

The move will see the UK’s largest independent commercial property adviser acquired by Bilfinger Real Estate, the commercial property consultancy that sits within the €8.5bn-turnover company

Rob Bould, chief executive of GVA, said: “Obviously we’re delighted with the outcome of the vote. There can be no other clearer indication that this is what we as a collective feel is the best cause of action to ensure GVA’s future growth and prosperity. This latest chapter in our 200 year history marks a real milestone and game-changer for GVA.  I have no doubt that our partnering with Bilfinger Real Estate will transform our drive for major growth and significantly strengthen our ambitions to compete with our largest competitors, on the world stage.”

Aydin Karaduman, CEO at Bilfinger Real Estate, added: “We are pleased, and very excited to see that what we are working towards is a popular cause of action for GVA stakeholders, as it is here at Bilfinger Real Estate. This very positive sentiment within both companies towards the move will help ensure a successful transition and integration over the coming months and years.”