Morrison sold

24 April 2008

Galliford Try has acquired fellow UK construction company, Morrison Construction, from utilities operator AWG for UK£ 42 million (€ 61 million). Galliford Try had sales of UK£ 718 million (€ 1,05 billion) last year, while Morrison Construction's turnover was UK£ 330 million (€ 480 million), giving the new group pro forma sales of UK£ 1,05 billion (€ 1,53 billion).

The company is financing the cash acquisition by issuing 46,8 million new shares at UK£ 1,07 (€ 1,56) each, which should raise UK£ 50,1 million (€ 73 million).

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