LONDON (ShareCast) - (Sharecast News) - Infrastructure services, buildings and developments company Kier Group has completed the disposal of KHSA to Downer Group, it confirmed on Friday, for total consideration of up to AUD 43.7m (£25m), subject to an escrow arrangement.
The FTSE 250 firm said cash consideration of AUD 41.7m was received on completion.

It announced that it had agreed terms for the disposal of KHSA to Downer Group on 15 November.

"KHSA, which was acquired as part of the Mouchel group of companies in 2015, provides road asset management and maintenance services in Australia in joint venture with Downer," the Kier board said at the time of that announcement.

For the financial year ended 30 June, KHSA reported a profit before tax of £7.0m, with the gross assets of the company totalling £52.1m at year-end.

"The disposal is expected to result in a profit of £15m, subject to post-completion adjustments.

"The proceeds from the sale will be used to accelerate the reduction of Kier's net debt."

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