Ferrovial has announced an agreement for the GBP400 million (US$452.4 million) sale of 100% of the Amey by a UK company controlled by funds managed by One Equity Partners, who are entering into the transaction alongside their acquisition partner, Buckthorn Partners.

The estimated value of share capital is approximately GBP245 million (US$273 million), net consideration is GBP109 million (US$121 million) a vendor loan note of GBP136 million (US$152 million), repayable over the next 5 years at an interest rate of 6% per annum, increasing to 8% after the third year. The final completion of the transaction will take place in 2022. The deal is part of the Horizon 24 business plan, which aims to develop sustainable infrastructure.

Amey provides a range of mission-critical services in the UK including infrastructure maintenance and upkeep, consultancy and facility management. It also provides a recycling business, which is not part of the sale.