Balfour Beatty has continued the sale of its stake in Connect Plus, the joint venture company that operates the M25 motorway, one of its key UK infrastructure assets.
The firm today (Monday 19 February) announced the sale of 5% of the company to investment manager Equitix for £42M. Since December 2017, Balfour Beatty has sold 25% of its original 40% holding in the Connect Plus JV in its continuing effort to pay down debt.
Total proceeds from the three partial sales have netted Balfour Beatty £207M, while the firm said it expected to net a £22M profit from the sale of the latest tranche alone.
Balfour Beatty chief executive Leo Quinn said: “This transaction again demonstrates the ongoing attractiveness of our infrastructure assets and is in line with our declared intent to maximise value for shareholders.”
The 25% stake in Connect Plus has been split between Equitix and another fund manager, Dalmore.
The remaining partners in Connect Plus are Edge Orbital Holdings and Egis Projects. Balfour Beatty retains a 15% stake in the JV.
Connect Plus has a 30-year design, build and finance contract with Highways England to operate and maintain the M25 motorway.