Construction firm Balfour Beatty may be broken up
Balfour Beatty is the subject of a £1bn bid for some of its prized contracts in a move which could signal the break-up of the beleaguered business.
John Laing Infrastructure Fund confirmed it has made the offer for Balfour’s portfolio of public private partnership (PPP) contracts, which include long-term agreements to run public projects such as schools and hospitals.
The international construction firm recently teamed up with a Northern Ireland property company on a major Belfast regeneration project.
The Balfour Beatty/Benmore partnership is working on the Northside scheme between Royal Avenue and the Westlink, close to the University of Ulster, which could see the development of up to 3,000 apartments and houses, mainly for students.
Balfour’s troubles have been centred around its UK construction and engineering services operation due to the impact of design changes, project delays and contractual disputes.
The bid comes after £3bn merger talks between Balfour Beatty and rival Carillion collapsed in August.
Belfast Telegraph Digital