Skanska buys McNicholas

British contractor McNicholas has been bought by the UK arm of the Swedish construction group, Skanska, in a deal worth US $97 million (?50 million)

British contractor McNicholas has been bought by the UK arm of the Swedish construction group, Skanska, in a deal worth US $97 million (£50 million).

McNicholas, which is involved in road maintenance, power, gas, water and rail projects in London and the southeast, recorded revenues of $293 million last year. It will be merged with Skanska UK, which built Swiss Re’s ‘gherkin’ building in the City of London and employs 3,500 staff.

The acquisition of McNicholas will raise the company’s staff number to nearly 5,000.

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