Balfour Beatty's share price rose this afternoon, following the news it had received shareholder approval to sell off its design consultancy arm Parsons Brinckerhoff.
The construction company secured 93 per cent of votes cast at a general meeting today for the deal to go ahead. Shares rose more that 1.2 per cent on the back of the vote.
Parsons Brinckerhoff is being sold to Canadian group WSP Global for around £820m, with some £200m being returned to shareholders and £85m going towards reducing its pension deficit.
Balfour Beatty bought the smaller firm in 2009 for £382m.
The deal, which had been instrumental in the £2.1bn Carillion takeover being rejected by Balfour Beatty, will be completed “shortly” according to today's statement.
Executive chairman Steve Marshall said: "This sale represents a significant return on Balfour Beatty's investment and a compelling level of value creation for shareholders.
Balfour Beatty is now a simpler, stronger and more focused business, and with Leo Quinn joining as new chief executive in the New Year the business is well positioned for the future as the construction and infrastructure markets develop.