Doha – Casablanca’s construction giant TGCC (Travaux Généraux de Construction de Casablanca) has signed a strategic agreement to acquire a 60% controlling stake in STAM (Société de Travaux Agricoles Marocains), which currently holds 55% of VIAS SA.
The enterprise value of the transaction is estimated at MAD 4.3 billion ($430 million).
The deal includes a capital increase that will enable STAM to acquire an additional 25% stake in VIAS, bringing its total ownership to 80% of VIAS’s capital and voting rights.
The transaction is expected to be completed in the second quarter of 2025, subject to approval from the Competition Council.
“The combination of TGCC’s expertise in building construction and STAM Group’s know-how in public works, transport infrastructure, and urban development will allow the partnership to offer an expanded range of high-quality industrial services,” TGCC stated in its official announcement.
Louis Raymond Baudrand, the reference shareholder, will maintain his position as Chairman and CEO of the STAM Group following the transfer of control to TGCC.
The company has already secured the necessary financing for the acquisition.
STAM, established in 1965, has evolved from its initial focus on agricultural development to become a major player in public works, road construction, and tourist and environmental development.
The company reported revenue of approximately MAD 3.7 billion ($370 million) in 2024, establishing itself as a leading force in key sectors such as major water supply, agricultural development, dam construction, and general earthworks.
Its subsidiary, VIAS, founded in 2019, has carved out a niche in urban development and beautification, specializing in road and airport construction.
The company has notably contributed to significant infrastructure projects, including the tramways of Rabat-Salé and Casablanca.
TGCC, with over three decades of experience and more than 1,000 completed projects across Morocco and Africa, has cemented its position as a pillar of the construction industry across various sectors, including hospitality, commerce, industry, administration, and residential development.
Following the announcement, trading of TGCC shares was suspended on the Casablanca Stock Exchange.
The acquisition is positioned as part of TGCC’s diversification strategy, aimed at strengthening both groups’ international market presence and competitiveness.
The merger represents a landmark consolidation in Morocco’s construction and public works sector, bringing together TGCC’s building construction expertise with STAM’s infrastructure and public works capabilities.
This strategic alignment is expected to enhance their ability to meet the growing demands of the industrial construction and development market.
