Balfour Beatty, the international infrastructure group, today announces that it has completed the sale of its UK facilities management business (“UK FM business”) to GDF Suez Energy Services.
Cash proceeds of £155 million remain subject to modest post-closing adjustments for working capital and pension liabilities. These funds will be used in the first instance to reduce borrowings, and over time, to fund investments consistent with Balfour Beatty’s strategy.
Andrew McNaughton, CEO of Balfour Beatty, said:
“I am very pleased with the successful execution of this transaction. Not only have we found a good home for the business, but we have also achieved good value for our shareholders.”
Balfour Beatty plc
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Notes to Editors:
1. Balfour Beatty (www.balfourbeatty.com) is an international infrastructure group that delivers world class services essential to the development, creation and care of infrastructure assets; from finance and development, through design and project management to construction and maintenance.
Our businesses draw on more than 100 years of experience to deliver the highest levels of quality, safety and technical expertise to our clients principally in the UK, the US, Southeast Asia and the Middle East. We continue to develop our business in key growth markets in South Africa, Australia, Canada, Brazil and India.
With proven expertise in delivering infrastructure critical to support communities and society today and in the future, our key market sectors include transportation (roads, rail and aviation), power and energy, mining, water and social infrastructure such as hospitals and schools.
Balfour Beatty employs 50,000 people around the world.
2. GDF SUEZ Energy Services is a strong European operator in energy efficiency and environmental services, with a presence in over 30 countries and 1,300 offices worldwide. Through its Cofely business, it is able to offer effective and efficient energy and environmental solutions, through multi-technical and facilities services, to its customers in commercial, industrial and public sectors. GDF SUEZ’s Energy Services has 78,200 employees and revenues of €14.7 billion in 2012.