Engie has signed a new deal to expand its presence in the entire energy value chain in Germany.
The integrated energy firm has signed a share purchase agreement to acquire technology and service provider OTTO Luft-und Klimatechnik GmbH.
The acquisition equips Engie with technical buildings services including ventilation and air conditioning, cooling technology and building automation.
Following recording an annual turnover of 120 million euros in 2018, some 700 employees including qualified installation workforce of OTTO will join the Engie Deutschaland GmbH brand.
Engie will continue to serve traditional customers in the industry and commerce and public authorities sectors, attended to by OTTO in the past 50 years, as well as venture in new segments.
The move by Engie helps the firm line up with its strategy to strengthen its position in the building services.
Services provided by Engie in the entire energy segment in Germany include 4,000 employees being active in the supply of technical, energy and service solutions fro clients from industry and commerce and in the B2C markets through partnerships with Stadtwerke.
The firm generate power and heat from renewable sources, such as onshore wind farms, hydro and from conventional power plants and operate energy storage facilities and act as green mid-streamer to offer green Power Purchase Agreements to industrial clients
Engie has in 2017 recorded a total of 2.66 Billion Euros in Germany.