Balfour Beatty sells Gammon stake for £250m

(Sharecast News) - Balfour Beatty has agreed to sell its 50% interest in Hong Kong-based contractor Gammon Construction to joint venture partner Jardine Matheson Holdings for £250m in cash.



The infrastructure group said the disposal supports its strategy of focusing on growth opportunities in its core UK and US markets.

Chief executive Philip Hoare said Gammon had been a successful investment over many years, generating "attractive profits, margins and cash returns", while the sale crystallises significant value for shareholders.

Gammon operates across both civil infrastructure and building construction. It has been held as a 50:50 joint venture between Balfour Beatty and Jardine Matheson since 2004.

Reporting by Frank Prenesti for Sharecast.com