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AMEC sells two of its building businesses

AMEC today announced it is selling two businesses from its built environment division to the Morgan Sindall construction group, parent company of contractor Morgan Est.
Subject to shareholder approval, Morgan Sindall will pay £55M for AMEC's property developments business, AMEC Developments and its building and civil engineering business Design and Project Services.Of the £55M, £26M will go to AMEC for the businesses, while £29M will be used to clear the companies' debts.The deal follows AMEC's announcement in December 2006 that it intended to sell off the four businesses of its built environment division, and negotiations are continuing for the remaining two Building Services and PPP businesses.AMEC chief executive Samir Brikho, said: 'This transaction is an excellent outcome for AMEC shareholders and an important milestone in delivering the strategy we presented in December 2006.'Once our divestment programme is complete we will then move ahead with our strategy to further build AMEC's position as the leading provider of consultancy, engineering and project management services to clients in energy and industrial process markets.'

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