Disposal

RNS Number : 7311K

Balfour Beatty PLC

26 April 2010

 



BALFOUR BEATTY COMPLETES THE SALE OF INTERESTS IN

TWO UK PPP CONCESSIONS

Balfour Beatty, the international infrastructure group, announces that it has completed the sale of:

(i)      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

(ii)      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.

ENDS

Analyst/media enquiries:

Duncan Murray

Balfour Beatty plc

Tel [phone]

 

END

 

 

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