French energy and infrastructure giant Vinci Energies has bought an 80 percent stake in Wah Loon Engineering, a Singapore-based provider of electrical and mechanical engineering services to the ICT industry.

According to the Straits Times, the share of the business acquired by the company is worth $250 million.

Wahloon headquarters, Singapore
Wah Loon headquarters, Singapore – Google Maps

APAC expansion

Though it offers a wide range of services in the industrial, commercial and residential construction sectors, Wah Loon’s main source of revenue comes from data center projects.

The company employs 360 people in Singapore and Malaysia, and expects to generate €125m ($153.3m) in revenue this year, having registered a turnover of $200m in 2016.

Founder Alan Chong will stay as Wah Loon’s managing director and a minority shareholder following the acquisition, intending to remain “the driver of the company.”

”My vision is to bring Wah Loon to the next level,” he said, with ambitions to use the Vinci Energies’ resources, network and experience to expand the company’s activities in the region, starting with Indonesia.

Vinci Energies will use the opportunity to strengthen its activities outside of Europe and pursue the development of its business in Asia Pacific, said Yves Meignié, Vinci Energies chairman and CEO. The company already operates in New Zealand, Australia, Indonesia and India, through a local division named Vinci Energies Asia Pacific.

Last year alone, Vinci Energies made 34 acquisitions, amounting to an estimated €1.6bn ($1.96bn) in extra annual revenue, and registered €10.8bn ($13.25bn) in total revenue for 2017 - a quarter of its parent company’s $40bn.