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
-
Should you sell in May this year?The market adage looks unlikely to apply in 2024, and global equities are proving resilient
-
Should you invest in UK equities?The FTSE 100 hit a record high this week, but UK equities remain unloved and undervalued compared to their global and US peers. Should you snap them up at a discount?
