December 21, 2017 / 7:16 AM / a year ago

BRIEF-Balfour Beatty Says ‍Reached Agreement To Sell 12.5 Pct Stake In Connect Plus

Dec 21 (Reuters) - Balfour Beatty Plc:

* ‍REACHED AGREEMENT WITH FUNDS MANAGED BY DALMORE TO SELL 12.5 PERCENT STAKE IN CONNECT PLUS, COMPANY WHICH OPERATES M25 ORBITAL MOTORWAY​

* ‍SALE IS FOR A CASH CONSIDERATION OF £103 MILLION, WHICH IS IN EXCESS OF DIRECTORS’ VALUATION AS AT 30 TH JUNE 2017​

* ‍SALE, WHICH IS SUBJECT TO HIGHWAYS ENGLAND CONSENT, IS EXPECTED TO COMPLETE BEFORE YEAR END​

* ‍PROCEEDS FROM THIS TRANSACTION WILL BE USED TO PAY DOWN BORROWINGS IN 2018​

* ‍AS A RESULT OF TRANSACTION, EXPECTATIONS FOR GROUP PROFIT BEFORE TAX,YEAR END NET CASH IN 2017 ARE HIGHER THAN THOSE INCLUDED IN TRADING UPDATE

* ‍YEAR END NET CASH, WHICH WAS FORECAST TO BE IN LINE WITH PRIOR YEAR, IS NOW EXPECTED TO BE AROUND £103 MILLION HIGHER​ Source text for Eikon: Further company coverage: (Bangalore.newsroom@thomsonreuters.com)

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