Kier has sold its housing arm Kier Living to a company owned by investor Guy Hands, founder of Terra Firma.
Hands’ company Foster BidCo will pay £110m in cash on completion of the deal, expected before mid-June.
Kier said the deal would help it reduce its net debt and reduce the volatility of its working capital, as well as removing the capital requirements to support land acquisition within Kier Living to maintain its level of sale completions.
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