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Balfour Beatty sells management business for £48.8M

NCE stock business

Balfour Beatty has announced its exit from Balfour Beatty Infrastructure Partners.

Balfour Beatty Infrastructure Partners LLP (BBIP) and its infrastructure fund have been transferred to the investment management firm Wafra Investment Advisory Group.

Balfour Beatty no longer holds any interest in BBIP.

BBIP was established in November 2010 as an independently managed infrastructure management business with a focus on secondary opportunities in the sector. 

It has been run at arm’s length from Balfour Beatty’s investments portfolio.

The sale raised $64.4M (£48.8M) for Balfour Beatty, which retains a right to the fund’s carried interest. The sale’s proceeds will be held within Balfour Beatty. 

“Our exit from BBIP and sale of the fund interest further simplifies the group and maintains our existing balance sheet strength,” said Balfour Beatty chief executive Leo Quinn.

“Exiting the infrastructure fund management market will allow our core infrastructure investments business to focus entirely on its highly successful primary investments portfolio which also offers further downstream opportunities for the Balfour Beatty Group”.

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