Balfour Beatty reaches agreement to offload Middle East JVs
Balfour Beatty is exiting the Middle East and will sell its two joint ventures in the region - Dutco Balfour Beatty and BK Gulf - for £11 million in order to focus on markets in the UK, US and Far East.
The international infrastructure group has agreed a deal with local partner Dubai Transport Company to take control of Dutco Balfour Beatty and BK Gulf, subject to regulatory approval.
As part of the transaction, Dubai Transport Company will assume responsibility for Balfour Beatty’s guarantees of bonding obligations in the joint ventures.
Balfour Beatty has exited the Middle East, Indonesia and Australia since 2015.
Leo Quinn, group chief executive, said: “We continue to simplify the group and strengthen the balance sheet through our Build to Last programme.
"As a result, Balfour Beatty enters Phase Two of its transformation with a solid foundation for long term profitable growth.”