Kier Group sold its Mouchel Consulting to WSP for £75m in cash.
Mouchel Consulting, acquired in June 2015 as part of Kier’s acquisition of Mouchel, provides engineering, environmental and asset management consultancy services, principally to infrastructure markets.
Kier announced it was looking to dispose of the Mouchel Consulting business, which employs around 2,000 staff, in the summer.
In the latest annual results, Mouchel Consulting reported £125m revenue generating an operating profit of £8m and a profit before tax of £5m. Its gross assets were valued at £29m at 30 June 2016.
The disposal will generate an immediate profit of £40m, subject to post-completion adjustments.
The net disposal proceeds will be retained by Kier for future investment purposes and to further reduce debt, supporting Kier’s Vision 2020 target of net debt to EBITDA ratio of less than 1x which was achieved ahead of schedule in 2016.
Haydn Mursell, chief executive of Kier, said: “Having completed the integration of Mouchel, we are well progressed with the simplification of our portfolio of businesses.
“The disposal of Mouchel Consulting continues this process and provides increased capital to focus on the opportunities across our core businesses which will underpin the group’s future growth.”
from Construction Enquirer http://www.constructionenquirer.com/2016/10/12/kier-sells-mouchel-consulting-to-wsp-for-75m/
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