AMEC divests Project Investments

Land Securities Trillium to acquire AMEC's Project Investments business, the management team and the underlying nine PFI assets for GBP163.5 million

AMEC and Land Securities Trillium ("LST") announce that they have agreed terms for the sale of Project Investments.

LST will pay a cash consideration of GBP163.5 million for Project Investments.

Sale of the Project Investment's assets is subject to receiving consents from public authorities and co-shareholders and lenders in the projects.

To the extent that consents are not obtained assets will, at AMEC's discretion, either be retained by AMEC or sold to co-shareholders in line with any pre-emption provisions as appropriate.

The consideration paid by LST will be adjusted accordingly.

Completion is expected to occur by 31 October 2007 and proceeds from the transaction will be held on deposit.

This transaction does not include AMEC's investments in the Incheon Bridge Project in Korea and the AMEC Wind assets and business which will be retained by AMEC.

Chief Executive, Samir Brikho, said: "I am delighted that we have found a strong purchaser who wants to develop further and invest in this market-leading business".

"The sale of our Building and Facilities Services business is progressing well and will conclude the divestment of our four Built Environment businesses".

"AMEC will then move forward to the next phase of its strategy to become a leading supplier of high value consultancy, engineering and project management services to the world's energy and industrial process markets.".

Back to top