Firm sells off 7.5% of its stake in M25 motorway operator
Balfour Beatty has sold another chunk of its interest in the M25 motorway operating company Connect Plus, following the sale of a stake in the firm before Christmas.
The contractor announced today it had sold 7.5% of its stake to private equity firm Dalmore Capital for 拢62m in cash.
Days before Christmas Balfour revealed it had sold a 12.5% stake in Connect Plus to the same firm for 拢103m.
Connect Plus is owned by Balfour, consultants Atkins and French engineering group Egis.
Profit on the latest disposal is expected to be around 拢32m, which Balfour said would be used to pay down some of its debt next year.
Balfour said its stake in Connect Plus currently stood at 20%, although a further 5% interest in the infrastructure group could be sold at some point.
Earlier this month Balfour said its recovery plan was on track and it was confident of delivering 鈥渋ndustry-standard margins鈥� in the second half of 2018.
No comments yet