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Balfour Beatty agrees sale of Heery

05 October 2017 07:21

Balfour Beatty has reached an agreement to sell Heery International, its full-service US engineering and programme management, architecture and interior design firm, to a subsidiary of CBRE Group.

The transaction, which is subject to certain contractual consents, is expected to complete before year end for a total cash consideration of $57m, subject to working capital and debt adjustments.

Heery's gross assets for the year end 31 Dec 2016 were £78.2m, net assets were £21.5m and pre-tax profit tax was £2.4m.

Balfour Beatty said the transaction would release funds to be used in the normal course of business.

Balfour Beatty acquired a 50% interest in Heery in 1986, which it increased to 100% in 1990.

In certain US markets, however, acting as programme manager on a contract precludes a company from bidding as general contractor due to perceived conflicts of interest.

It said the sale of Heery removed this constraint from the group's US buildings operation, while enabling it to partner with Heery on a wide range of potential projects going forward.

Story provided by StockMarketWire.com

Related Company: BBY

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