Amec disposes of remaining stake in rail systems business
20/02/2007
Amec, the UK-based support services group, announced yesterday that it is to sell its 50 per cent stake in its Amec Spie Rail Systems business to French infrastructure company Colas for an estimated £200m.
Colas will also purchase the remaining 50 per cent of the business from Spie.
The sale marks an important step for Amec in its strategy to dispose of non-core construction businesses and focus on oil, gas, nuclear and wind energy. Last July, the company sold Spie, a French engineering business, to private equity company PAI for £707m, but chose to retain the 50 per cent stake in the rail systems business.
Based in Crawley, Amec Spie Rail Systems employs around 500 staff and revenue to December 2005 was £156m. EBITDA stands at around £6m.
“This is a good outcome for our rail business and I am confident that under new ownership it will have a positive future,” said Samir Brikho, Amec chief executive.
“The disposal of our interest to Colas is consistent with finding strong purchasers with good prospects for all of the built environmental businesses.”
The transaction is expected to be complete on April 2nd.
