Balfour Beatty reaches agreement to sell its Middle East Joint Ventures
21 February 2017
Balfour Beatty, the international infrastructure group, today announces that it has reached an agreement with its joint venture partner to sell the Group’s entire share in Dutco Balfour Beatty and BK Gulf, subject to regulatory approval, for a total cash consideration of £11 million.
As part of the transaction, the local partner will assume responsibility for Balfour Beatty’s guarantees of bonding obligations in the joint ventures.
Since the start of 2015, Balfour Beatty has exited the Middle East, Indonesia and Australia in order to focus on its chosen markets, in the UK, US and Far East.
Leo Quinn, Group Chief Executive, said: “We continue to simplify the Group and strengthen the balance sheet through our Build to Last programme. As a result, Balfour Beatty enters Phase Two of its transformation with a solid foundation for long term profitable growth.”
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1. Balfour Beatty (www.balfourbeatty.com) is a leading international infrastructure group. With 34,000 employees, we provide innovative and efficient infrastructure that underpins our daily lives, supports communities and enables economic growth. We finance, develop, build and maintain complex infrastructure such as transportation, power and utility systems, social and commercial buildings.
Our main geographies are the UK, US and South East Asia. Over the last 100 years we have created iconic buildings and infrastructure all over the world including the London Olympics’ Aquatic Centre, Hong Kong’s first Zero Carbon building, the National Museum of the Marine Corps in the US and the Channel Tunnel Rail Link.