The deal is the latest major move in the market by Cofely who bought Balfour Beatty Workplace late last year.

The acquisition of LLFM will make Cofely one of the UK’s largest providers of technical services PFI and provide an increased portfolio of long-term FM contracts in key public sector and healthcare markets.

The firm said that over the next 25 years the former Lend Lease contracts will provide Cofely with a guaranteed revenue stream of £2.5bn.

The deal will also add a significant lifecycle management capability to Cofely’s business which includes building fabric and major repair & replacement.

LLFM currently provides a range of FM services across the UK and Ireland with particular focus on healthcare, education, government and retail.

The business has a number of large long-term contracts with clients comprising a number of major National Health Service (NHS) Trust hospitals at locations including Manchester and Leeds, Local Education Authorities in Birmingham and Lincolnshire, HM Treasury and Bluewater Shopping Centre.

LLFM will be combined with Cofely’s existing UK business with immediate effect with the new entity operating under the Cofely brand.

Jérôme Tolot, Executive Vice President of Cofely parent GDF SUEZ, said: “The acquisition of LLFM reinforces our strategy to further evolve our business here in the UK.

“It continues to strengthen our service capability and our credentials as a leading UK service provider.

“LLFM has many synergies with our existing business and it will also provide us with the addition of a full lifecycle management capability.”