Ferrovial plans sale of Amey subsidiary

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)

Story for GCR? Get in touch via email: [email protected]

Latest articles in News