Birmingham’s Spaghetti Junction (Creative Commons)

Ferrovial plans sale of Amey subsidiary

4 December 2018 | By Joe Quirke 0 Comments

Spanish infrastructure firm Ferrovial has brought in an external consultant to sell “all or part” of its services businesses, including UK subsidiary Amey.

Amey caused Ferrovial to post a £208m loss for the first half of 2018 after a court case between it and Birmingham City Council over a £2.7bn road contract was decided in favour of the council.

The Financial Times reports that Goldman Sachs will broker the sale of the services division.

A recent press release from Ferrovial on company finances notes that it had earned “€59m in net profit in the first nine months of 2018, which would have been €294m but for booking a €237m provision for Amey’s contract with Birmingham City Council”.

Ferrovial state that their largest infrastructure assets, in Toronto, Texas and London’s Heathrow airport are experiencing growth.

Image: Birmingham’s Spaghetti Junction (Creative Commons)