Balfour Beatty sells investment business
Balfour Beatty has sold its entire interest in Balfour Beatty Infrastructure Partners LLP for US$ 64.4m (£48m).
The buyer is investment management firm Wafra Investment Advisory Group Inc.
Balfour Beatty Infrastructure Partners LLP was set up in November 2010 as an independently managed infrastructure management business focusing on secondary opportunities in transport, energy and utilities. Its assets include Alkane Energy and Wightlink, the Isle of Wight ferry company.
Balfour Beatty has retained the right to further payment from the fund depending on its future performance.
"Our exit from Balfour Beatty Infrastructure Partners and sale of the fund interest further simplifies the group and maintains our existing balance sheet strength," said chief executive Leo Quinn.
"Exiting the infrastructure fund management market will allow our core infrastructure investments business to focus entirely on its highly successful primary investments portfolio which also offers further downstream opportunities for the Balfour Beatty Group," he added.
- Click here to return to the previous page
- Subscribe to our free construction newsletters
- Buy & Sell Construction Plant Machinery online with TCiTrader.co.uk. Find new, used & reconditioned Construction Equipment. Click here to view Construction Equipment Classifieds.
Download our free construction news iPhone / iPad app. Sign up to our FREE email newsletters or subscribe to our RSS feed for regular updates on the latest Construction News, Plant News, Contract News & Supplier News. The Construction Index also provides the latest Construction Tenders, Construction Market Data & Construction Law Commentary all FREE.
This article was published on 1 Jul 2016 (last updated on 1 Jul 2016).