Engie prepares to float services unit

French utility Engie has set up a new division, Equans, as a multi-technical services provider in readiness for a sale, it said June 30. 

CEO Catherine MacGregor presented her strategic roadmap in May, with four global business units, having already sold most of its stake in LNG technology firm GTT this year and in Suez last year.

It trailed the sale of its "client solutions" business last November, all part of its efforts to invest more in the energy transition and renewable energy. 

With effect from July 1, Engie will have four key units: renewables; energy solutions; infrastructure; and thermal production and energy supply. Equans is an independent entity within Engie, managed by Jerome Stubler and staffed by 74,000 employees in 17 countries, including France, Belgium, the UK and the US.

Annual turnover of more than €12bn ($14.2bn) promises "strong development in growing markets," Engie said. Equans has several areas of expertise, including electrical, refrigeration, mechanics and facility management.

Engie said it is now "opening a new phase in which the options for developing the shareholding structure of this entity will be explored, with a focus on creating the best environment for the future growth of Equans." 

MacGregor said: “We are deploying our simplification plan by positioning Equans as the leader in multi-technical services and by reaffirming Engie as a leader in energy transition, refocused on its growth markets and with a more industrial approach."