BBGI has signed a deal to pay £2.8m cash for the 25% equity interest that Graham Investment Projects has in the project. This will take BBGI’s stake to 100%.
Graham Investment Projects is the subsidiary company through which construction contractor Graham undertakes all of its private finance initiative (PFI) and public private partnership (PPP) projects.
The Scottish Borders project involved the design, construction and maintenance of three high schools, in Eyemouth, Berwickshire and Earlston.
The acquisition by BBGI is conditional on third party consents and is expected to be completed by August 2012.
BBGI co-CEO Frank Schramm said "The consideration paid for the project is in line with the current valuation of similar UK PFI projects in the group's portfolio. All the projects in BBGI's portfolio are supported by contracted, government-backed revenue streams, with inflation protection characteristics."