Bilfinger SE (XTRA:GBF) agreed to acquire Stork business in Belgium, Germany, Netherlands and turbo blading manufacturing in US from Fluor Corporation (NYSE:FLR) on September 7, 2023. The transaction includes mainly the operating units in the Netherlands and Belgium as well as a few entities in Germany and in the US has revenue of about ?500 million. This transaction is subject to consultations with and advice from the representative body of the applicable works councils, consultations with the trade unions and receipt of regulatory clearances along with other customary conditions and, subject to these conditions, and is expected to be completed in the first half of 2024.

Lazard is the financial advisor and Victor de Vlaam of Hogan Lovells acted as legal adviser to Fluor on this transaction. Katinka Middelkoop, Astrid Krüger, Ellen Braun, Hanneke Bennaars, Rens Bondrager, Hendrik Ley, Swen Kellermeier, Miriam Kammer, Bernd Niedernberg, Valerian Brandt, Anna Winterhoff and Holger Gangnus of Allen & Overy has advised Bilfinger. As of February 13, 2024, European Commission approved the acquisition of Belgium, Germany and the Netherlands by Bilfinger.

Bilfinger completed the acquisition of Stork business in Belgium, Germany, Netherlands from Fluor Corporation on April 1, 2024. The transaction comprises the operating units in the Netherlands, Belgium and in Germany, with a total of more than 2,700 employees and revenue of approximately ?530 million and the minor adjacent US part with about ?20 million revenue. Stork is to be fully integrated into the Bilfinger Group within one year.

The minor adjacent US part is still subject to approval by non-EU regulatory authorities. European authorities recently cleared the transaction, and social partners in the Netherlands issued a statement on the transaction as required by Dutch law, giving positive advice on the transaction.