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| Amec completes divestment of its Project Investments business The UK engineering company, Amec (London) announces that the sale of its Project Investments business, the management team and eight PFI assets to Land Securities Trillium ("LST") has been completed for a cash consideration of £152.4 million, before transaction costs. The sale of Project Investments' assets was subject to receiving consents from public authorities and co-shareholders and lenders in the projects.Sale to LST of the remaining asset, comprising Amec's shares in two PPP road projects in the UK, has been pre-empted by co-shareholders and is being sold to them for an aggregate consideration of £11.1 million. Completion is expected in December 2007. The overall consideration of £163.5 million arising on the sale of Project Investments is in line with the board's expectations. The LST transaction does not include Amec's investments in the Incheon Bridge Project in Korea and the Amec Wind assets and business which will be retained by Amec. write your comments about the article :: © 2007 Construction News :: home page |