Atkins to sell UK Highways Services business

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.

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.

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

Recommended

Three strong Asian stocks trading at bargain prices
Share tips

Three strong Asian stocks trading at bargain prices

Professional investor Nitin Bajaj of the Fidelity Asian Values investment trust picks three stocks that dominate their industries, earn good returns o…
20 Sep 2021
Why it pays to face up to your investment mistakes
Investment strategy

Why it pays to face up to your investment mistakes

Buying stocks can be a complicated business. But selling stocks can be tricky, too – even if you sell for the right reasons. Max King explains how to …
17 Sep 2021
Share tips of the week – 17 September
Share tips

Share tips of the week – 17 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
17 Sep 2021
Royal Mail will deliver for investors – here's how to play it
Trading

Royal Mail will deliver for investors – here's how to play it

Royal Mail Group has found its feet in the past 18 months and looks cheap. Matthew Partridge looks at how to trade the shares.
14 Sep 2021

Most Popular

The times may be changing, but don’t change how you invest
Small cap stocks

The times may be changing, but don’t change how you invest

We are living in strange times. But the basics of investing remain the same: buy fairly-priced stocks that can provide an income. And there are few be…
13 Sep 2021
Two shipping funds to buy for steady income
Investment trusts

Two shipping funds to buy for steady income

Returns from owning ships are volatile, but these two investment trusts are trying to make the sector less risky.
7 Sep 2021
How to stop recurring subscriptions becoming a drain on your money
Personal finance

How to stop recurring subscriptions becoming a drain on your money

Tracking and pruning subscriptions isn’t as easy as it sounds. Here's how to take charge.
14 Sep 2021