UK’s Balfour Beatty reaches agreement to sell its Middle East Joint Ventures
Balfour Beatty, the international infrastructure group, announced 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.”
Source: Balfour Beatty