Balfour Beatty completes the sale of interests in two UK PPP concessions
26 April 2010
Balfour Beatty, the international infrastructure group, announces that it has completed the sale of:
- its entire 50% interest in Aberdeen Environmental Services (Holdings) Limited (“AES”) to Kelda Non-Reg Holdco Limited (“Kelda”), an affiliate of Kelda Water Services Limited being the other shareholder of AES; and
- a 23.9% interest in Consort Healthcare (ERI) Holdings Limited (“ERI”) to ERI Holdings Limited being the other shareholder of ERI and wholly-owned by Barclays Integrated Infrastructure Fund (“Barclays”),
for an aggregate consideration of c.£24.1 million.
Kelda and ERI Holdings Limited purchased the interests in AES and ERI respectively by exercising their rights of pre-emption which were triggered by the agreement between Balfour Beatty and AMP Capital Investors Limited (“AMP”) dated 4 March 2010 to sell the 50% interest in AES and the 23.9% interest in ERI for an aggregate consideration of £24.3 million. The difference in consideration to that agreed with AMP is due to a distribution of c.£0.2 million paid by ERI to Balfour Beatty on 5 March 2010 in respect of the 23.9% shareholding acquired by ERI Holdings Limited, an affiliate of Barclays.
The disposals will generate an aggregated profit of c.£21 million.
Balfour Beatty plc
Tel No. 020 7216 6865