December 29, 2017 / 7:13 AM / a year ago

BRIEF-Balfour Beatty Updates On Additional Partial Sale Of M25 Asset

Dec 29 (Reuters) - Balfour Beatty Plc:

* ADDITIONAL PARTIAL SALE OF M25 ASSET

* ‍ANNOUNCES SALE OF AN ADDITIONAL 7.5 PERCENT STAKE IN CONNECT PLUS, COMPANY WHICH OPERATES M25 ORBITAL MOTORWAY​

* ‍GROUP HAS AN UNCONDITIONAL RIGHT TO SELL STAKE TO FUNDS MANAGED BY DALMORE CAPITAL LIMITED​

* ‍SALE IS FOR A CASH CONSIDERATION OF £62 MILLION, EQUIVALENT TO PRICE OF EARLIER TRANSACTION, WHICH IS IN EXCESS OF DIRECTORS’ VALUATION AS AT 30 JUNE 2017​

* ‍EXPECTED PROFIT ON DISPOSAL ON THIS TRANSACTION IS £32 MILLI​

* ‍PROCEEDS FROM THIS TRANSACTION WILL BE USED TO PAY DOWN BORROWINGS IN 2018​

* ‍EXPECTED PROFIT ON DISPOSAL ON THIS TRANSACTION IS £32 MILLION​ Source text for Eikon: Further company coverage:

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