Construction Enquirer News Skanska Infrastructure Services fetches £50m
Skanska has struck a deal to sell its infrastructure services business to M Group for £50m.
The deal with M Group, which operates the Morrison Utilities Services business among its range, is expected to compete in March.
Skanska announced it would look for a buyer for the £323m revenue business at the start of this year to focus on core operations in the infrastructure and building sectors.
The division comprises highways maintenance, rail maintenance and streetlighting replacement and maintenance.
It presently holds term contracts with Devon, Somerset, Hampshire, Cambridgeshire and Peterborough Councils.
M Group Services, a leading provider of essential infrastructure services within the water, energy, transport and telecommunication sectors in the UK and Ireland.
It employs 9,000 skilled specialists working from 100 locations, operates a divisional structure aligned with its end markets.
M Group Services is ultimately owned by PAI, an equity investment of bank BNP Paribas.