Your browser is no longer supported

For the best possible experience using our website we recommend you upgrade to the newest version of your browser.

Your browser appears to have cookies disabled. For the best experience of Construction News, please enable cookies in your browser.

Welcome to the Construction News site. As we have relaunched, you will have to sign in once now and agree for us to use cookies, so you won't need to log in each time you visit our site.
Learn more

Amec Spie commands hefty price as main group considers its future


AMEC is continuing with plans to break-up the business following the £707 million sale of its French-based engineering arm Amec Spie on Monday.

The firm has been bought by specialist private equity investor PAI and the deal will make Amec a profit of £220 million, which will be used to plug debts at the company.

PAI has been involved in a number of high-profile buyouts across Europe including Kwik-Fit and United Biscuits in the UK.

The buyout is expected to be rubber-stamped by shareholders in August as Amec continues to mull over plans to split the group into an energy and process contracting business and a second company dedicated to UK infrastructure and construction.

The £707 million deal was well ahead of City estimates of £500 million for the Spie sell-off but Amec's shares still dropped 6 per cent on the day of the announcement.

Chief executive Sir Peter Mason said: 'We are delighted to have secured a timely transaction at a very good price and with a shareholder who will continue to support Spie's plans to invest and develop the business.' Further details of the restructuring will be announced at the firm's interim results on August 31.