Skanska expands UK highway operations
Skanska expands its highways operations and maintenance business with a major acquisition from Atkins
Today, Skanska UK announces it has signed an agreement to purchase a highways operations and maintenance business from Atkins for £18 million, of which £2 million is to be deferred and paid subject to future performance.
The business comprises eight live contracts with six local authorities and the Highways Agency to deliver operations and maintenance for the road and motorway network.
The purchase is in line with Skanska's strategy to position itself as a significant player in the UK highways operations and maintenance market, building on the Asset Support Contract Area 2.
The business Skanska will acquire reported revenue of £80.0 million and an operating profit of £1.3 million in the six months to 30 September 2012. It has a workforce of 1,200 people.
Commenting on the acquisition, Skanska UK’s President and CEO, Mike Putnam, said: “We look forward to welcoming this skilled and experienced team into the Skanska family. This represents a significant, strategic development for our UK business. It demonstrates our strength and confidence in the UK market, on the back of four years of robust performance by our UK operations.”
Executive Vice President Bill Hocking said: “Our new clients are set to benefit from Skanska’s global highways maintenance experience, as well as our commitment to responsible project delivery with minimal impact on the environment. We look forward to working with our clients to safely achieve their goals and efficiency aspirations. This acquisition positions us well for further growth in this market.”
Skanska assumes ownership on 1 June 2013.