Heijmans offloads Brit unit Leadbitter

City A.M. Reporter
Dutch builder Heijmans has sold its British unit Leadbitter for 45m euros to cut debt and as it focuses on its domestic market following debt problems.

Heijmans said on Friday it was selling to a joint venture formed by the unit's management and French company Bouygues in a deal that will cut net debt by 15m euros.

The company said it would book a 5m euro profit on the sale, adding the deal was in line with its strategy to focus on the Dutch and Belgian infrastructure market.

Heijmans, which raised 100m euros in a rights issue last year, had earlier said it would sell international operations to cut debt and recover from a series of costly setbacks due to poor project controls.

The company said once competition authorities had been consulted the Leadbitter transaction can be completed immediately.