Engineering and product management consultancy Atkins has signed an agreement to sell its UK Highways Services business to Skanska UK, a wholly owned subsidiary of Skanska AB.
The consideration for the business will be up to £18m, of which £16m is due on completion and a further £2.0m is to be deferred and paid subject to the future performance of the business.
The UK Highways Services business, which employs around 1,200 people, reported revenue of £80m in the six months to September 30th 2012.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Prof Dr Uwe Krueger, the group's Chief Executive Officer, said: "The sale of UK Highways Services, which forms part of our UK Highways and Transportation business, is a step forward in the implementation of our strategy which includes work to optimise our portfolio of businesses.
"We wish to focus on growth sectors in engineering, design services and project management. We believe Skanska is a more appropriate owner for this business and will enable it to continue to flourish and grow."
The transaction is expected to be completed by May 31st this year.
NR
-
8 of the best properties for sale with kitchen gardensThe best properties for sale with kitchen gardens – from a 17th-century timber-framed hall house in Norfolk, to an Arts & Crafts house in West Sussex designed by Charles Voysey with a garden by Gertrude Jekyll
-
Why you should start investing earlyMost investors wish they had started earlier, and data shows that starting to invest sooner yields greater results over time
