Balfour sells another stake in M25 for £42m

Grant Prior 7 years ago
Share

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.”

Latest news

M&S Marble Arch rebuild approved after three-year planning fight

Plans were delayed when Michael Gove backed carbon campaigners
21 hours ago

£191m revamp funding approved for London Barbican Centre

Construction to start in 2027 on five-year programme
15 hours ago

RED Construction tops £100m turnover

Builder maintains profit margin at 1.7% as business nearly doubles in size
6 hours ago

Timber designs shortlisted for roads ‘footbridge of the future’

Three of five designs for National Highways propose timber structures over busy highways
7 hours ago

PM pledges to fast-track 150 infrastructure schemes

Fresh promise to speed up planning decisions on infrastructure and house building
1 day ago

Amey FM firm fined after legionella kills prisoner

Court fines company £600,000 for prison upkeep failures
6 hours ago

Buyers report boom in commercial work

Construction bucks slowdown in general economy
1 day ago

Plans in for £250m Stockport 8 housing-led scheme

Work to start on phase 1 by the end of next year
1 day ago

Galliford Try tops monthly contracts league

Contract awards slow down in November
1 day ago

Erith explosives set demolition record at Sizewell

Watch blast at former nuclear turbine hall: Video
1 day ago

Vistry to build 950 homes next to Olympic Park

Developer signed for £600m Pudding Mill Lane scheme in East London
1 day ago

Inflatable formwork used for 45m tall cement silo

Ground-breaking dome silo inflated at Tilbury Docks
1 day ago

Briggs & Forrester sells maintenance arm

100 engineers to move over to new owner
2 days ago

£2bn Edinburgh ‘West Town’ scheme approved

7,000 homes to be built at 205-acre site
2 days ago

Rayner approves Lancashire super prison

Communities secretary overrules planning inspector for 1,700 inmate prison.
2 days ago

Wates boss returns after collapse of his own contractor

Paul Nicholls was head of the failed Real construction group
3 days ago

Trio secure Birmingham deal to retrofit 3,000 homes a year

Specialist contractors to install insulation, efficient heating and solar panels
2 days ago

Costain confirms £400m HS2 tunnels win

Work to start early next year on tunnel and lineside mechanical and electrical systems
2 days ago

First nuclear reactor installed at Hinkley: Video

Watch precision operation at Somerset site
2 days ago

Winner named for Harbourside revamp

Local Irvine contractor to start transformation of beach front
2 days ago

New Fair Payment Code goes live today

Latest bid to get subcontractors and suppliers paid within 30 days
3 days ago

Lincolnshire concrete supplier files administration notice

Ever Readymix Concrete & Screed operates three depots and a fleet of 20 trucks
3 days ago

Graham lands first deal on Liverpool’s largest brownfield site

Contractor bags infrastructure package on 10.5 hectare site
4 days ago

Bouygues UK boss to step down

Fabienne Viala to leave after eight years at the helm
4 days ago

Galliford Try scoops £87m brace of London jobs

Firm will redevelop a prominent corner building on Sloane Street in Chelsea
3 days ago

New HS2 boss Mark Wild starts amid prep for final TBM drives

Former Crossrail CEO starts with a sharp focus on controlling costs
4 days ago

Ten consultants land Thames Water major upgrade places

Firms will share £400m of fee work over next five years
4 days ago

Rayner ultimatum to fix all unsafe tall buildings by 2029

Recladding work must start on all 18m+ resi buildings by 2027
4 days ago

ISG administrator finds just £35m to pay down £1.1bn debt

Failed firm was set to report £148m blackhole from legacy jobs
4 days ago

Redesign needed on Colas “bridge to nowhere”

Technical challenges continue as £38m scheme faces further delays
4 days ago

Contractor services