LONDON (dpa-AFX) - Infrastructure group Balfour Beatty PLC (BBY.L) announced Tuesday that it has reached an agreement with its joint venture partner to sell the Group's entire share in Dutco Balfour Beatty and BK Gulf, subject to regulatory approval, for a total cash consideration of 11 million pounds.
As part of the transaction, the local partner will assume responsibility for Balfour Beatty's guarantees of bonding obligations in the joint ventures.
Balfour Beatty said it has exited the Middle East, Indonesia and Australia since the start of 2015, in order to focus on its chosen markets, in the UK, US and Far East.
Leo Quinn, Group Chief Executive, said, 'We continue to simplify the Group and strengthen the balance sheet through our Build to Last programme. As a result, Balfour Beatty enters Phase Two of its transformation with a solid foundation for long term profitable growth.'
Copyright RTT News/dpa-AFX