Deal with Land Securties Trillium includes sale of nine PFI projects that have reached financial close
Land Securities Trillium has agreed to buy Amec’s PPP business for £163.5m.
Trillium has exchanged contracts to buy Amec’s interests in nine PFI projects that have reached financial close. They are all focused on health, transport and education.
It will also acquire one project on which Amec is preferred bidder, as well as the bidding and asset management teams.
The deal is part of Amec’s strategy to sell all of its built environment businesses to focus on energy.
Last month it sold its construction and regeneration business to Morgan Sindall for £26m.
The deal between Trillium and Amec is expected to complete by 31 October 2007.
Trillium will acquire Amec’s investment in Cumberland infirmary, South Lanarkshire schools, among others.
Ian Ellis, chief executive at Land Securities Trillium, said: “Project investments offers an excellent fit with the existing LST business and reinforces our presence in the community infrastructure market”.
“It brings us a top quality portfolio of assets and a high calibre team of people who have a long and successful track record in bidding major PFI/PPP projects.”