12th Oct 2016 06:35
LONDON (Alliance News) - Kier Group PLC on Wednesday said it has sold its Mouchel Consulting business to WSP Global Inc for GBP75.0 million, with funds to be used for future investment purposes and to reduce debt.
Mouchel Consulting was purchased by Kier in June 2015 as part of its acquisition of UK-based infrastructure and business services company Mouchel. For the financial year ended June 30, Mouchel Consulting reported revenue of GBP125.0 million and a pretax profit of GBP5.0 million.
Property, residential, construction and services group Kier earlier this year had said it was undertaking an evaluation of the Mouchel Consulting business including a possible disposal, in order to simplify its operations.
On Wednesday, Kier said it has now completed the sale of the business to Canadian engineering firm WSP, with the sale expected to result in an immediate profit of around GBP40.0 million.
"Having completed the integration of Mouchel, we are well progressed with the simplification of our portfolio of businesses. The disposal of Mouchel Consulting continues this process and provides increased capital to focus on the opportunities across our core businesses which will underpin the group's future growth," said Chief Executive Haydn Mursell.
By Hannah Boland; [email protected]; @Hannaheboland
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