Amec this week completed its exit from the built environment with the sale of its building and facilities services division for £117m, ending a divestment process that has been the company’s focus for the past year.
The arm has been sold to French civil engineering contractor Spie, the first part of Amec’s built environment business to be sold, in July 2006. It went to private equity firm PAI for £707m.
Since then Amec has sold Buchan Concrete Solutions to Roger Bullivant, the steel business Dynamic Structures to Empire Industries and a 50% stake in Amec Spie rail systems to French firm Colas, all for undisclosed sums. Most recently, it has sold the construction and regeneration businesses to Morgan Sindall for £26m and the project investments business to Land Securities Trillium for £164m.
The £117m Amec received for the services business was higher than expected by many analysts. It is understood that several private equity bidders were involved and this pushed up the price. Amec is now thought to be contemplating a major acquisition in the energy sector to cement its repositioning.