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Sun December 16 2018

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Amey up for sale

3 Dec Spanish infrastructure group Ferrovial has put its UK subsidiary Amey up for sale.

Ferrovial has appointed external advisers "to explore the possibility of divesting part or all of the assets of the Services division that the company owns directly or indirectly", the company said. These assets include UK highway maintenance contractor Amey.

Ferrovial posted a net loss of €72m (£64m) for the first half of 2018 because of €237m (£210m) allocated for losses on Amey’s highway maintenance contract with Birmingham City Council. The group has also lost £48m on its M8 motorway upgrade contract in Scotland.

According to the Financial Times, Goldman Sachs has been assigned to explore sale opportunities.

Ferrovial took over Amey in 2003 for £81m. In 2006 it took over airport operator BAA for £10bn. In 2013 it paid £385m to acquire Enterprise, which it merged with Amey to double its size.

MPU

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