As tipped in Construction News earlier this month, Carillion will carry out the congestion-busting job known as the Birmingham Box.
Skanksa, Costain and Nuttall were also bidding for the work which will see 67 gantries installed across three motorways in and around the city under two main phases.
The first will see variable speed limits introduced from M40 junction 16 to the M42 junction 3A and on the M42 from junctions seven to nine.
On the M6 junctions four to five variable speed limits and hard shoulder running will be used, with the exception of junctions 4a to four where variable speed limits alone will be used.
Work on the first phase is due to start this autumn with completion set for the end of 2009.
Phase two, due to start in early 2009, will see variable speed limits and hard shoulder running enabled on the M6 from junctions eight to 10A.
The work is due to finish by spring 2011.
This job follows the success of the active traffic management scheme on the M42 to the south east of Birmingham where the hard shoulder is used during busy periods.