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Royal Imtech N.V., owner of Imtech Marine - a provider of sustainable technology solutions for the maritime industry - has announced that it has reached agreement with Vinci S.A. regarding the sale of the Imtech ICT division at an enterprise value of 255 million euros.

The agreement is subject to competition clearance and customary closing conditions, and is expected to close well before the end of the year. The net proceeds of the transaction will be used for increased liquidity of the group and debt reduction, Imtech said.

Commenting on the news, Gerard van de Aast, CEO of Royal Imtech, said: "After receiving the offer of Vinci S.A. we have carefully reviewed the options and concluded to accept it in the best interest of all our stakeholders. The resulting increased liquidity and debt reduction will strengthen our financial position. Vinci S.A. is a global player in concessions and construction, employing close to 191,000 people in some 100 countries. We are confident that the customers, suppliers and employees of Imtech ICT can look ahead to a good future."

In 2013, the revenue of the ICT division amounted to 740 million euros. The ICT division employs 2,402 staff and has partnerships with worldwide technology firms such as IBM, Microsoft, Cisco, SAP, Juniper and EMC. Its strategy is built on five key portfolio offerings: cloud solutions, managed services, business analysis, collaboration solutions and business solutions. Imtech ICT provides services to approximately 7,000 customers in the Netherlands, Germany, Austria, Sweden, Belgium, the UK and the Philippines.

"The divesture of the ICT division will not have an impact on Imtech's value proposition for customers. Automation expertise and know-how in the field of amongst others building automation, infrastructure automation, telecommunication, industrial automation and technical automation are an integral part of the offered value proposition of the other Imtech divisions," Imtech said.

Imtech Marine

Imtech Marine specializes in the development of diesel electric propulsion and environmentally friendly solutions. Over the years, the business has focused on developing power systems that deliver more energy, offer better fuel efficiency and result in more sustainable solutions for ships.

In 2011, Imtech Marine was awarded a contract to supply the hybrid propulsion system, consisting of diesel electric in combination with battery technology, to what are claimed to be the world’s first diesel electric, hybrid seagoing ferries - the sister ships Hallaig and Lochinvar.

The vessels are owned by Caledonian Maritime Assets Ltd (CMAL) and operated by CalMac Ferries Ltd under the brand name Caledonian MacBrayne.

CalMac Ferries provides the Clyde and Hebrides ferry services under tendered contract with Scottish Ministers. The three year contract runs from October 2013 to September 2016. CMAL is a wholly owned public corporation of the Scottish Government, with Scottish Ministers as sole shareholders.