The contractor announced it had reached agreement with a subsidiary of commercial real estate giant CBRE Group to buy the US business this morning.

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.”

Balfour Beatty acquired a 50% interest in Heery in 1986, and fully bought out the business in 1990. 

The deal lifts a constraint on Balfour in key US markets, where acting as programme manager on a contract precludes a company from bidding as main contractor due to perceived conflicts of interest. 

The sale of Heery removes this barrier, while enabling it to partner with Heery on a wide range of potential projects going forward.

Last year Heery made a pre-tax profit of £2.4m and had net assets of £21.5m.

This transaction will release funds to Balfour Beatty to be used in the normal course of business.

The transaction, which is subject to certain contractual consents, is expected to complete before year end.