The deal concludes a long-running soap opera that saw Mouchel taken over by its lending banks in 2012 after collapsing into administration. Former shareholders got just a penny a share. The previous year they had rejected takeover offers from Costain and Interserve worth as much as 135p per share. The highest offer then valued Mouchel at £175m.
Among its portfolio of work, Mouchel is the leading provider of repair and maintenance services to the UK motorway and trunk road network.
Kier chief executive Haydn Mursell commented: "The successful acquisition of Mouchel now positions Kier as a sector leader in the growing UK highways maintenance and management market. In particular, the acquisition enables the group to capitalise on £17 billion of investment in the strategic road network to be delivered through Highways England over the next five years, whilst also accelerating the delivery of Kier's ‘Vision 2020’ strategy."
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