Balfour Beatty to sell Middle East JVs for £11m

Infrastructure firm Balfour Beatty has agreed to sell its stake in the Dutco Balfour Beatty and BK Gulf for £11m, subject to regulatory approval, in order to focus on the its markets in the UK, US, and Far East.

Since the beginning of 2015, the FTSE 250 company has also sold its interests in the Middle East, Indonesia and Australia in line with this strategy.

As part of the deal, the the local partner in the Middle East will assume responsibility for Balfour Beatty's guarantees of bonding obligations in the joint ventures.

Balfour Beatty chief executive Leo Quinn 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."