logo-loader
viewBalfour Beatty plc

Balfour Beatty hands shareholders £200mln windfall after Parsons sale

As well planning a shareholder return, the infrastructure group will use £85mln of the proceeds to reduce its pension deficit.

construction350_54081aaf530fc.jpg

Balfour Beatty (LON:BBY) investors are set for a £200mln windfall following the £820mln sale of its Parsons Brinckerhoff division to WSP Global of Canada.

As well planning a shareholder return, the infrastructure group will use £85mln of the proceeds to reduce its pension deficit.

The remainder will be retained to “ensure a strong balance sheet and provide increased financial flexibility”, it said in a stock market release.

Chairman Steve Marshall added: "The board believes that the sale price of £820mln  delivers both a significant return on our original investment and a compelling level of value creation for shareholders - which remains the key focus of the board.

“The sale of Parsons Brinckerhoff follows the recent revaluation of our investments portfolio, which underlines the potential of this division to create value internally and across the group.”

Quick facts: Balfour Beatty plc

Price: - -

LSE:BBY
Market: LSE
Market Cap: -
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Immotion plans fundraising following deal with Las Vegas resort

Immotion Group (LON:IMMO) has raised gross proceeds of £2.85mln from an 'oversubscribed' fundraising to accelerate its growth plans, and revealed it has inked a revenue-sharing deal with the MGM Mandalay Bay resort and casino in Las Vegas. CEO Martin Higginson tells Proactive London what the...

1 day, 23 hours ago

2 min read