Skanska sells London M25 interest

Skanska is planning to sell its investment in the M25 motorway round London, UK, for about SEK2.9 billion (€297.92 million).

The buyer, Edge Orbital Holdings, is a consortium of institutional investors arranged and advised by Macquarie Capital (Europe). The transaction is expected to be recorded by Skanska Infrastructure Development in the first quarter of 2017.

Skanska owns 40% of Connect Plus, a public-private partnership (PPP) which is managing the M25 orbital motorway that encircles almost all of Greater London. In addition to Skanska, Connect Plus shareholders include Balfour Beatty, Atkins and Egis.

Completion of the sale is subject to, among other factors, consent of the UK government-owned Highways England.

Skanska said the final purchase price might be adjusted as a result of certain conditions. It is expected that completion of the divestment will take place in early 2017.