French market leader and a world major in construction Vinci, has entered into an agreement to acquire French electrical engineering group Cegelec from Qatari Diar in an all-share deal.

The addition of Cegelec to Vinci portfolio would add about 27000 employees in 30 countries to the construction group.

In addition, it would also add about € 3 billion in annual revenues to its energy group, taking division's annual revenues past the € 7 billion mark.

Under the arrangement, Vinci will acquire Cegelec in exchange for 31.50 million of its own shares, to be made up of new and treasury shares.

The company has already secured approval to issue new shares at an extraordinary shareholders meeting held in May.

Qatari Diar is a real estate investment fund that is 100% owned by the government of Qatar.