Spanish construction giant Ferrovial has agreed to sell its UK subsidiary Amey in a deal with an enterprise value of £400m and equity value of £245m.
The firm has reached an agreement with a UK company controlled by funds managed by One Equity Partners, which is entering into the transaction alongside its acquisition partner, Buckthorn Partners.
The net consideration will be in the form of cash of £109m and a vendor loan note of £136m, repayable over the next five years with an interest of 6% per annum, increasing to 8% after the third year.
Ferrovial’s sale of Amey represents its continued divestment of its services business, but the Spanish firm will retain Amey’s UK waste treatment business, which will sit within its energy infrastructure & mobility division.
“Amey is a well-regarded, long-standing player in the critical infrastructure design and management space in the UK, and we are very excited about the enhanced opportunities for growth Amey will have as an independent company,” said Ante Kusurin, Principal, One Equity Partners.
Final completion of the deal is subject to regulatory clearances and is expected to take place in 2022.