September 4, 2014 / 6:23 AM / 3 years ago

Balfour Beatty to return 200 million sterling to investors after U.S. sale

A worker strolls past a Balfour Beatty sign at a construction site in central London April 17, 2008. REUTERS/Dylan Martinez

LONDON (Reuters) - British building group Balfour Beatty (BALF.L) said it would return up to 200 million pounds to shareholders and reduce its pension fund deficit after agreeing to sell its Parsons Brinckerhoff business for almost $1.24 billion.

The sale of the U.S. professional services division to Canada’s WSP Global Inc (WSP.TO), which is expected to complete in the fourth-quarter of 2014, was announced late on Wednesday.

Balfour said on Thursday in addition to the investor payout, around 85 million pounds of the proceeds would be used to reduce the group’s pension fund deficit.

Reporting by Neil Maidment; Editing by Mark Potter

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