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John Laing to sell project management service activities to HCP

21 June 2016 10:09

John Laing (JLG) announced the sale of the business and assets of its project management services (PMS) activities in the UK to HCP Management Services (HCP).

Completion is expected no later than the fourth quarter, following various consents at project level.

As part of the sale, it is expected that approximately 90 staff roles and 62 management services agreements (MSAs) will transfer to HCP.

The group's future investment pipeline is focused on greenfield opportunities.

John Laing CEO Olivier Brousse said: "The transaction is consistent with our strategy of focusing on our core business of investment in and active management of greenfield infrastructure assets across our main markets of Europe (including the UK), Asia Pacific and North America.

"We look forward to an ongoing relationship with our PMS colleagues following the sale to HCP as they continue to provide high quality support to many of our projects."

At 10:09am: (LON:JLG) John Laing Group Plc share price was +0.45p at 222.95p

Story provided by StockMarketWire.com

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