Heijmans sells British subsidiary Leadbitter (NL/UK)
Friday 24 December 2010
Heijmans has reached full agreement on the sale of its British subsidiary to a joint venture formed by the current Leadbitter management and French company Bouygues Bâtiment International (BBI).
The sale of Leadbitter is in line with Heijmans' strategy to focus primarily on its strong positions in the Netherlands and the Belgian infrastructure market. The proceeds of the sale will be over €45 million.
The transaction will further decrease the net debt by €15 million. The book profit of the transaction of approximately €5 million will have a positive effect the shareholders' equity. Additionally, the negative exchange rate differences of approximately €10 million, which have already been incorporated in the shareholders' equity in previous years, will be taken into account in the profit and loss statement. The overall impact is therefore limited negative.
The competition authorities involved will be consulted on the sale, after which the transaction can be completed immediately.
Leadbitter is a British construction firm active in both the public and private sector. Leadbitter develops and realises residential properties in the social rental sector, and public properties such as schools, hospitals and leisure facilities. Leadbitter operates primarily in the south of England and Wales. Denne Construction is part of Leadbitter. Leadbitter reported a turnover of more than £300 million in 2010 and employs approximately 700 employees. Bob Rendell will become CEO of the joint venture with Paul Abson as Deputy Group Chief Executive.