February 19, 2018 / 12:55 PM / 10 months ago

Balfour Beatty sells 5 percent more stake in Connect Plus

FILE PHOTO - A sign of Balfour Beatty is seen at a construction site in London, Britain October 30, 2015. REUTERS/Reinhard Krause/Files

(Reuters) - Britain’s Balfour Beatty (BALF.L) on Monday said it sold a further 5 percent stake in Connect Plus, the operator of the M25 orbital motorway, for 42 million pounds ($58.90 million) in cash.

The stake was sold to funds managed by Equitix Investment Management Ltd for an expected profit of 22 million pounds, Balfour said.

Balfour Beatty has now sold a cumulative 25 percent of its original 40 percent holding in Connect Plus for a total of 207 million pounds.

In December, Balfour agreed to sell an additional 7.5 percent stake in Connect Plus to Dalmore Capital, a week after it sold a 12.5 percent stake to the fund management company to reduce debt.

On Monday, Balfour said Equitix exercised its option on the previous 7.5 percent partial sale so that the total 25 percent sale is split equally between Equitix and Dalmore Capital Limited.

Balfour is now left with a 15 percent stake in Connect Plus.

Reporting by Radhika Rukmangadhan in Bengaluru; Editing by Vyas Mohan

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