Balfour Beatty pockets £22m from sale of Fife Hospital stake
Balfour Beatty has sold its 50% stake in Fife Hospital for £43m in cash to Semperian PPP Investment Partners, which will result in a profit of £22m for the FTSE 250 infrastructure group.
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It said the consideration, which is in excess of the directors' valuation as at 30 June, will be paid in cash in full and will be used to pay down borrowings this year.
Balfour said the deal is consistent with its stated strategy of optimising value through the disposal of operational assets, whilst also continuing to invest in new opportunities.
At 0802 BST, the shares were up 0.7% to 288.47p.