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News » UK » Balfour completes Heery sale » published 30 Oct 2017

Balfour completes Heery sale

Balfour Beatty has now completed the sale of Heery International to CBRE, which it announced earlier this month.

Balfour Beatty announced on 5th October that it had reached an agreement with a subsidiary of CBRE to sell Heery International for £42m.

The sale deal has now completed, freeing up Balforu Beatty to bid for more projects in the USA as a general contractor.

Heery provides engineering and programme management, architecture and interior design services. In certain US markets, however, acting as programme manager on a contract precludes a company from bidding as general contractor due to conflicts of interest. Balfour Beatty said that selling Heery removes this constraint from its US Buildings operation

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

The disposal of Heery is consistent with Balfour Beatty’s sale of its Parsons Brinckerhoff business to WSP in 2014. Parsons Brinckerhoff is a US engineering design firm that Balfour bought for £380m in September 2009.

 

MPU

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This article was published on 30 Oct 2017 (last updated on 31 Oct 2017).

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