logo
Plus   Neg
Share
Email

Balfour Beatty To Dispose UK Facilities Management Business - Quick Facts

Infrastructure group Balfour Beatty Plc (BBY.L) reported signing a binding agreement to sell its UK facilities management business or "UK FM business" to GDF Suez Energy Services for about 190 million pounds cash. The cash consideration would be reduced by any net debt transferring with the business and may be subject to certain adjustments. Completion is expected in the fourth quarter of 2013 and is conditional on inter alia, EU competition clearance. Net cash inflow upon completion is likely to be more than 150 million pounds.

The transaction proceeds would be used in the first instance to reduce borrowings, and over time, to fund investments consistent with Balfour Beatty's strategy.

The UK FM business, the performance of which is reported within the Group's Support Services unit, generated 482 million pounds of revenue in 2012 with operating profit of 21 million pounds, and has over 9,000 employees. Citigroup Global Markets Limited is acting as financial adviser to Balfour Beatty

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Shares of EVERTEC, Inc. (EVTC) saw a rise in trading volume to 536 million on Friday, vs. average trading volume of 366 million. The electronic payments company has gained prominence, because of its unique focus on Latin America, where rising cash-to-card conversion is fueling growth for the electronic... Fast food giant McDonald's fired an Australian franchisee, who owns two of its restaurants, over a video that showed him and a companion making racist comments against Aborigines. The company took control of the restaurants in Victoria from Robert Vigors, who made the racist rants at the home of neighbor Robby Wirramanda, an Indigenous artist. The U.S. Department of Agriculture's Food Safety and Inspection Service or FSIS warned against certain chicken soup products imported from Canada due to misbranding and the presence of allergens. The warning letter was issued after the Canadian Food Inspection Agency or CFIA notified FSIS that Canada-based Canyon Creek Soup Co. Ltd. has recalled its chicken soup products.
RELATED NEWS
Follow RTT
>