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| Amec Agrees Amec Spie Sale Amec and PAI partners have agreed terms for the sale of Amec Spie to a new company controlled by funds managed by PAI for an equity value of approximately €1,040 million (£707 million). The transaction is expected to close around the middle of the third quarter of this year, generating an exceptional profit on disposal expected to be no less than £220 million. Amec announced its decision to initiate a sale of Amec Spie last November, to allow it to participate in the accelerating consolidation in its sector and to release resources to promote growth in Amec's remaining services and investments activities. Amec Spie provides electrical engineering, communications services and specialist activities in the energy and rail industries, predominantly in France. It has approximately 23,000 employees and operates from approximately 380 European locations. In the year ended 31 December 2005, Amec Spie generated revenues of £1,755 million and profit before interest, tax and intangible amortisation of £49.7 million. AMEC said net cash proceeds from the sale of Amec Spie of approximately €1,000 million will be used initially to reduce debt and Amec expects to be in a net cash position immediately following completion. Amec continues to work on the separation of its continuing operations into two entities and will provide a further update on or before the publication of Amec's interim results for the six months ending 30 June 2006, which is expected to be on 31 August 2006. write your comments about the article :: © 2006 Construction News :: home page |