Balfour Beatty sells investment unit for $64.4m
Balfour Beatty, which operates in Middle East through Dutco Balfour Beatty, has sold its investment business to Wafra Investment Advisory Group
Balfour Beatty, which operates in Middle East through Dutco Balfour Beatty, has sold its investment business to Wafra Investment Advisory Group for $64.4m.
Balfour Beatty Infrastructure Partners (BBIP) was set up in November 2010 as an independently managed infrastructure management business focusing on secondary opportunities and is run at arm’s length to Balfour Beatty’s investments portfolio.
Balfour Beatty has retained the right to further payment from the fund depending on its future performance.
Chief executive Leo Quinn said: “Our exit from BBIP and sale of the fund interest further simplifies the Group and maintains our existing balance sheet strength.
“Exiting the infrastructure fund management market will allow our core infrastructure investments business to focus entirely on its highly successful primary investments portfolio which also offers further downstream opportunities for the Balfour Beatty Group”.