(Bloomberg) -- French energy company Engie SA is weighing a takeover of construction and facilities services firm Emcor Group Inc. as it seeks to expand in the U.S., according to people familiar with the matter.
Engie is working with advisers as it considers pursuing a deal for Emcor, said the people, who asked to not be identified because the matter isn’t public. No final decision has been made and the French company could decide against an offer, they said.
Emcor’s shares have gained more than 33 percent this year, giving the Norwalk, Connecticut-based company a market value of about $4.5 billion.
A representative for Engie declined to comment, and an Emcor official couldn’t immediately comment after being reached outside of normal business hours.
Courbevoie-based Engie has been selling oil and coal assets in recent years to fund investments in wind and solar power, energy efficiency services and gas and power networks.
Earlier this month, Engie and Caisse de Depot et Placement du Quebec agreed to buy a 90 percent stake in Petroleo Brasileiro SA’s natural gas pipeline unit for $8.6 billion.
Emcor is one of the largest electrical and construction services firms in the U.S., with about $8.1 billion in revenue in 2018, according to its annual report.
It offers a range of construction services for building and renovating refineries, pharmaceutical plants, prisons, airports and other public and private works. Its specialties include designing and installing electrical and heating and air conditioning systems.
--With assistance from Francois de Beaupuy.
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