Candover Investment completes exit from Stork investment

Candover Investment said private equity manager Arle Capital Partners has reached a deal to sell asset integrity services provider Stork to Fluor Corp for €695m (£498m).

The private equity investment trust said the sale, which is expected to be finalised early in 2016, completes its exit from investments it held through Stork Holding, after the sale of Fokker Technologies to GKN on 28 October in a deal worth €706m.

Candover expects both sales to generate a cash return of £18.7m compared with the £26.6m valuation recorded at the end of June.

Candover shares were down 1.60% to 210.08p at 1046 GMT on Monday.