Balfour Beatty has sold another stake in Connect Plus which operates the M25 orbital motorway.
The latest deal sees Balfour sell an additional 5% stake for £42m generating a profit of £22m.
The cash will be used to pay down the contractor’s borrowings.
Balfour has now sold 25% of its original 40% holding for a total cash consideration of £207m.
The Group continues to own a 15 percent stake in Connect Plus.
The latest sale is to funds managed by Equitix Investment Management Limited.
Leo Quinn, Group Chief Executive, said: “This transaction again demonstrates the ongoing attractiveness of our infrastructure assets and is in line with our declared intent to maximise value for shareholders.”
from Construction Enquirer http://www.constructionenquirer.com/2018/02/19/balfour-sells-another-stake-in-m25-for-42m/
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