Balfour Beatty has reached an agreement with its joint venture partner to sell its entire share in Dutco Balfour Beatty and BK Gulf in the Middle East.
The deal, subject to regulatory approval, is for a total cash consideration of £11m.
Since the start of 2015, Balfour Beatty has exited the Middle East, Indonesia and Australia in order to focus on its chosen markets in the UK, US and Far East.
Leo Quinn, group chief executive, said: “We continue to simplify the group and strengthen the balance sheet through our build to last programme. As a result, Balfour Beatty enters phase two of its transformation with a solid foundation for long-term profitable growth.”
• To send feedback, e-mail alex.peace@estatesgazette.com or tweet @EGAlexPeace or @estatesgazette
