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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

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