Strabag takes 51% stake in Swiss contractor

Austrian contractor Strabag has acquired a 51% interest in Baunova, the construction business of private Swiss contractor Baunova Holding, for an undisclosed price.

Strabag said the strategic partnership would see it gain the right of first refusal on all projects acquired or developed by Baunova Group.

Baunova Group reports annual revenues of around CHF60 million (€50 million) and provides contracting and construction services mainly in the Canton of Zurich and Zug, Switzerland. It employs around 100 people.

Head of Strabag's commercial division for the Swiss market Franz Urban said, "This strategic partnership is a further step in the implementation of our strategy towards offering comprehensive and integrated construction services in Switzerland."