Did you know that there is a version of The Construction Index for the USA? Visit the site No thanks
Follow us on Twitter Follow us on LinkedIn Follow us on Instagram
Daily construction news
Weekly plant news

Construction News

Tue October 17 2017

Related Information
Related Information
Related Information

News » UK » Balfour sells Heery to CBRE for £42m » published 5 Oct 2017

Balfour sells Heery to CBRE for £42m

Balfour Beatty has reached an agreement with a subsidiary of real estate giant CBRE Group to sell Heery International, its US consultancy business.

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

The transaction, which is subject to certain contractual consents, is expected to complete before year-end for a total cash consideration of $57m (£42m), subject to working capital and debt adjustments.

For the year ended 31st December 2016, Heery’s gross assets were £78.2m, net assets were £21.5m and profit before tax was £2.4m.

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

Group chief executive Leo Quinn said: “We continue to focus and strengthen the group in our chosen markets. This transaction is another example of maximising shareholder value at the appropriate time and value, while improving our strategic position. We look forward to continuing our strong working relationship with CBRE.”

MPU

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 5 Oct 2017 (last updated on 6 Oct 2017).

More News Channels