SINGAPORE - Keppel Infrastructure Holdings, a unit of Keppel Corp, has signed an agreement for the sale of its entire stake in Keppel FMO (KFMO) to Cofely GDF Suez for $44.7 million.

The deal is subject toa post-closing adjustment for working capital and a deferred consideration amount of up to $9.72 million, which is to be paid if certain targets are achieved by KFMO.

KFMO provides integrated facilities management services for clients across various industries and business segments in both the public and private sectors.

The purchaser,Cofely South East Asia is a subsidiary of the GDF Suez group, one of Europe's leading facilities managers involved in the design, implementation and delivery of integrated facilities management solutions.

Ms Cindy Lim, General Manager (Infrastructure Services) of Keppel Infrastructure said: "We are proud to have grown KFMO since the 1980s into one of Singapore's leading facilities management companies.

"With this transaction, we are passing the baton to Cofely GDF Suez. We believe that with Cofely GDF Suez's global facilities management knowhow, KFMO and its employees can achieve the next level of growth."

While the shareholding changes hands, it will be business as usual for KFMO's clients, management team as well as employees.