Assystem acquires a 99% stake in the Indian engineering company, STUP

Assystem acquired 99% of the issued share capital of STUP*, in a transaction that was originally scheduled to close at the end of May 2021.

As stated in the press release dated 8 March 2021 announcing the acquisition agreement signed between Assystem and STUP’s shareholders, STUP generates some €20 million in annual revenue and employs 1,100 people across India. It is one of India’s leading players in transportation infrastructure engineering (motorways, railway infrastructure, metropolitan networks and airport terminals).

The price for the 99% stake is between €21 and €22 million, takes into account cash net of debt estimated to be some €1 million, and is subject to typical net cash/debt and working capital adjustments.

Assystem’s objectives in acquiring STUP are three-fold:

• Draw on STUP’s human resources and networks so as to capitalise on the robust growth in the infrastructure engineering market in India.
• Have an existing and solid base in India to be able to offer our globally recognised nuclear engineering services to the various players involved in the nuclear power plant construction program launched by the Indian government.
• Further strengthen our skills and expertise in non-nuclear infrastructure engineering by leveraging the capabilities of STUP’s teams, to help drive our international development.