Tube Lines is set to become a subsidiary of Transport for London, once the sale completes on 30 June.
The management structure is yet to be established, but Bechtel’s team will stay on only in an interim capacity during the transition.
Amey will continue to provide management and maintenance services until 2017 under its existing contract.
It is understood that London Underground (LU) will take on around 30 to 35 of the key project managers from Tube Lines but that other jobs would go. London mayor Boris Johnson called the deal “excellent news” for the capital.
“Freed from the perverse pressures of the Byzantine PPP structure, I am confident that LU and private contractors are more than capable of delivering the improvements to London’s transport network we need, on time and on budget,” he added.
LU managing director Mike Brown said the sale would allow greater flexibility in approach to maintenance and upgrade work.
In a statement Amey agreed that the decision would “allow TfL more flexibility so that it can manage the project in line with its changing needs”.
Amey chief executive Mel Ewell and Bechtel Civil president Mike Adams added that they were proud of Savings: Contracts may be adjusted their Tube record.