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Balfour Beatty Acquires Atkins' Share in Connect Roads

21 Nov 2003

Balfour Beatty, the international engineering, construction and services group, announces today that it has agreed to acquire Atkins’ 32.2% shareholdings in Connect Roads Limited and Connect M77/GSO Holdings Limited for £13.3 million cash. Balfour Beatty already owns 67.8% of the equity. Connect is responsible for the design and build, financing, operation (“DBFO”) and maintenance of the A50 in Derbyshire, A30/A35 in Devon and Dorset and the M77 in Scotland.

The value of the net assets attributable to the investment acquired is £9.1 million. In the financial year ended 31 March 2003, the pre-tax profit attributable to the acquired shareholdings in the two companies was £2.8 million. The transaction together with previous investment returns values the equity and subordinated debt at approximately three times the entry value.

Balfour Beatty’s PPP/PFI interests are detailed on the website, www.balfourbeattyppp.com.

ENDS

Enquiries to:
Tim Sharp
Tel: +44 (0)20 7216 6884

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