December 29, 2017 / 7:29 AM / a year ago

Balfour Beatty sells additional stake in operator of UK's M25 motorway

Dec 29 (Reuters) - Britain’s Balfour Beatty said on Friday it has agreed to sell a further 7.5 percent stake in Connect Plus, the operator of the M25 motorway for 62 million pounds ($83.5 million) in cash, a week after it announced the sale of a 12.5 percent stake.

The profit on the sale to fund management company Dalmore Capital is expected to be 32 million pounds with the proceeds to be used to pay down debt, the company said.

Last week Balfour agreed to sell a 12.5 percent stake in Connect to Dalmore for 103 million pounds with a view to reducing its debt. ($1=0.7425 pounds) (Reporting by Rahul B in Bengaluru; Editing by Greg Mahlich)

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