Amey PLC, a top-five contractor to the UK public sector, is set to be sold by Spanish group Ferrovial to One Equity Partners (OEP) and Buckthorn Partners in a deal worth £400mln.
The infrastructure services and engineering company, with a turnover of £1.4bn and 11,000 employees, was valued at £245mln according to Ferrovial, who highlighted Amey as the most “troubled” part of its portfolio in 2019.
Buckthorn Partners’ Nicholas Gee said: “Our ownership will bring stability, investment and expertise to grow and develop the company,” as he pledged investment to “access new opportunities, particularly in energy transition”.
Ante Kusurin, of OEP, added that Amey will now get more opportunities as an “independent company”.
With regulatory clearances, Ferrovial chief executive Ignacio Madridejos said that “the deal practically concludes the divestment of the services business”.
Amey had been up for sale since 2018, but a legal dispute with Birmingham council meant any deal had been delayed until the case was resolved.