The sale of another 5% stake reduces Balfour Beatty鈥檚 holding in Connect Plus, the company which operates the M25 orbital motorway, from 20% to 15%.
InBalfour Beatty sold a 12.5% stake in Connect Plus to funds managed by Dalmore Capital for 拢103m and a 7.5% stake to Equitix for 拢62m. The profit for Balfour Beatty on those deals was 拢85m.
It has now sold a further 5% to Equitix for a cash consideration of 拢42m. The expected profit on disposal is 拢22m, which will be used to reduce borrowings.
In total, Balfour Beatty has now sold 25% of its original 40% holding for a total cash consideration of 拢207m.
Equitix has exercised an option on the previous 7.5% sale so that the total 25% divested by Balfour Beatty is now split equally between Equitix and Dalmore.
Balfour Beatty chief executive Leo Quinn said: 鈥淭his transaction again demonstrates the ongoing attractiveness of our infrastructure assets and is in line with our declared intent to maximise value for shareholders.鈥
In 2016 Skanska sold its 40% holding in Connect Plus to Macquarie for 拢265m.
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