Porr finalizes takeover of Billfinger

Porr Bau, a subsidiary of Austrian Porr, finalized the takeover of Polish Bilfinger Infrastructure owned by German Bilfinger, for €21.5 million, the company announced. The new entity will operate under the name Porr Polska Infrastructure.

As Poland is one of Porr's "strategic markets," according to CEO, Karl-Heinz Strauss, the firm was "looking for a company which specializes in infrastructure constructing." The value of the deal totals €21.5 million, part of this amount corresponds to Bilfinger's liabilities to its Polish unit. Porr recorded a €3.5 billion turnover in 2014, its portfolio is valued at over €4 billion. Bilfinger Infrastructure recorded a revenue of €166 million last year, according to data gathered by Porr, the daily said.