Balfour Beatty announces sale of UK Facilities Management business to GDF Suez
Balfour Beatty announced that it has signed a binding agreement to sell its UK facilities management business to GDF Suez Energy Services for approximately £190 million in cash.Completion is expected in the fourth quarter of 2013 and is conditional on inter alia, EU competition clearance. Net cash inflow upon completion is expected to be in excess of £150 million.
Citigroup Global Markets Limited is acting as financial adviser to Balfour Beatty.
Operating as Balfour Beatty WorkPlace, the UK FM business is a provider of outsourced integrated services and total facilities management solutions with capabilities including facilities management, business process outsourcing and energy services.
The business is expected to continue to provide facilities management services to Balfour Beatty's current portfolio of social infrastructure PPP assets in the UK and to collaborate with the Group on the development of its investments in the future.
The UK FM business, the performance of which is reported within the Group's Support Services segment, generated £482 million of revenue in 2012 with operating profit of £21m, and has over 9,000 employees. Gross assets at 31 December 2012 were £197m.
Source: Balfour Beatty
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