Balfour Beatty, the UK’s largest contractor, has announced that it plans to sell its 49% share in two joint ventures to partner, Dubai-based Dutco, and leave the Middle East.
Balfour will sell its 49% share in general contractor Dutco Balfour Beatty and M&E specialist BK Gulf for £11m in cash.
As part of the transaction, Dutco will assume responsibility for Balfour Beatty’s “guarantees of bonding obligations” in the joint ventures.
According to Balfour’s 2015 Build to Last report, the two companies together had revenue of £372m and made a pretax loss of £65m.
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