Spain’s Ferrovial has reached an agreement to sell Timec Oil & Gas in the US to a fund managed by Architect Equity Holdings as part of its ongoing divestment of Ferrovial Services.
Texas-headquartered Timec sells services to the oil and gas sector in the US, reporting revenues of $165m in 2020.
Ferrovial said completion of the deal is expected on 30 November.
Architect Equity acquires businesses in the lower middle market across different sectors in North America.
Ferrovial said it pursues companies “that exhibit the opportunity for improvement and growth and can benefit from Architect’s capital base, industry relationships and operational resources”.
So far, its divestment strategy has seen Ferrovial sell its Environmental and Infrastructure Services business in Spain, Broadspectrum’s operations in Australia and New Zealand, and municipal cleaning contracts in the UK.
It has classified all its Services operations as “available for sale” as the company focuses on transport, energy and water infrastructure construction and management.