1st Jul 2015 06:54
LONDON (Alliance News) - Engineering services company Costain Group PLC on Wednesday said it has reached an agreement with its joint venture partner in Spain, Santander, to split the assets equally in a reorganisation of the business.
Under the terms of the reorganisation, Santander will own the two largest pieces of development land currently held by the joint venture and will assume a portion of the outstanding debt. Costain will own the operating assets of the golf courses and marina concession, plus the smaller associated parcels of land and will retain the remainder of the debt.
Following completion of the changes, Costain's non-core activities in Spain will comprise the operation of the leisure-based assets, plus a reduced exposure to land development. Costain does not expect the changes to have any significant impact on its earnings.
By Sam Unsted; [email protected]; @SamUAtAlliance
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