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Balfour Beatty to sell German track and plant and Austrian rail businesses

Balfour Beatty will sell parts of its German rail business, it anounced today, with zero net cash to be made from the deal.

The firm will sell its German track and plant and Austrian business to Rhomberg Sersa Rail Group of Austria.

The businesses have been sold for gross proceeds of £6m but cash transferred as part of the deal will see Balfour Beatty net zero cash.

Completion is expected in the first quarter of 2015 and is conditional on competition clearance.

Balfour Beatty had announced its plans to exit mainland European rail operations.

It announced the sale of its Scandinavian Rail business to Dutch firm Strukton Rail for around £4m in December 2013 and talks are ongoing for the sale of its Italian rail business.

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