France's Engie SA (ENGI.FR) said Thursday that it has signed an agreement with Spie SAS (SPIE.FR) to acquire the company's Moroccan operations.
Spie Morocco has over 1,000 employees and generated revenue of approximately 70 million euros ($83 million) in 2016, said Engie. The company has been operating in Morocco for more than a century.
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The electric utility company said the acquisition will enable Engie to consolidate its position as energy transition leader on the African continent.
Engie already has a presence in Morocco through its subsidiary Cofely Morocco and its partnership with the Finatech Group.
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(END) Dow Jones Newswires
December 21, 2017 12:11 ET (17:11 GMT)