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.