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Construction News
05/10/2017
Balfour Beatty Sells US Business For £42m
Balfour Beatty has announced the sale of its US engineering and programme management firm, Heery International, for £42 million.
A deal has been reached with a subsidiary of commercial real estate giant CBRE Group to buy the business.
The agreement lifts a constraint on Balfour Beatty, where in certain US markets acting as Programme Manager on a contract precludes a company from bidding as General Contractor due to perceived conflicts of interest.
In addition, the company can now partner with Heery on a wide range of potential projects in the future.
Leo Quinn, Group Chief Executive, said: "We continue to focus and strengthen the Group in our chosen markets. This transaction is another example of maximising shareholder value at the appropriate time and value, while improving our strategic position. We look forward to continuing our strong working relationship with CBRE."
(LM)
A deal has been reached with a subsidiary of commercial real estate giant CBRE Group to buy the business.
The agreement lifts a constraint on Balfour Beatty, where in certain US markets acting as Programme Manager on a contract precludes a company from bidding as General Contractor due to perceived conflicts of interest.
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In addition, the company can now partner with Heery on a wide range of potential projects in the future.
Leo Quinn, Group Chief Executive, said: "We continue to focus and strengthen the Group in our chosen markets. This transaction is another example of maximising shareholder value at the appropriate time and value, while improving our strategic position. We look forward to continuing our strong working relationship with CBRE."
(LM)
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