14th Nov 2014 07:36
LONDON (Alliance News) - Balfour Beatty PLC on Friday said it has reached a deal to sell parts of its German rail business to Austrian company Rhomberg Sersa Rail Group.
Balfour said the assets have been sold for GBP6 million, but said the net cash consideration will be zero once the cash transferring with the business is taken into account.
It expects the deal to close in the first quarter of 2015, subject to approval from competition authorities.
The FTSE 250 group also said it has completed the GBP1 million sale of its German railroad tuning business and said it remains in talks with potential buyers for the remaining parts of its German and Italian rail businesses.
By Sam Unsted; [email protected]; @SamUAtAlliance
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