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Kier Group To Sell Kier Living To Foster BidCo

Kier Group Plc (KIE.L) said that it agreed to sell Kier Living Limited to Foster BidCo Limited, a newly formed company, ultimately owned by Guy Hands, the Founder, Chairman and Chief Investment Officer of Terra Firma.

The consideration payable by the Buyer for Kier Living is 110 million pounds, payable in cash on completion of the Transaction. The completion of the deal is expected before mid-June. There will be additional payments made on completion to cover Kier and its subsidiary and associated undertakings providing working capital funding to Kier Living in the period from 1 July 2020 until completion.

The Buyer has paid a non-refundable deposit of 40 million pounds to the Company, held in escrow and to be released on completion. The balance of the consideration and the working capital funding will also be paid at Completion.

The deal is conditional on Kier shareholders' approval at a General Meeting expected to occur in early May.

Kier Living is a housebuilding business with established operations across four of the most affordable regions in England.

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