France’s Engie to acquire Spie’s Moroccan operations

Engie, a French multinational electric utility company operating in the fields of electricity generation and distribution, natural gas, nuclear and renewable energy, has announced on Thursday, 21st of December, that it has signed an agreement with Spie SAS a company specialized in energy and communications in France is to acquire the company’s Moroccan operations, reports Fox Business.

According to the same source, Spie Morocco, which has been operating for more than a century, «has over 1,000 employees and generated revenue of approximately 70 million Euros ($83 million) in 2016». The company has been operating in Morocco for more than a century.

The new acquisition is intended to help Engie strengthen its presence in Africa.

For the record the French company is already present in Morocco through a subsidiary called Cofely Morocco partnering with Finatech Group, a holding specialized in technology.