Skanska UK has acquired a highways operations and maintenance business from Atkins for £18 million (approx. 20.8 million), on a debt free basis.
Of this, £2 Million (approx. 2.3 million), is deferred and will be paid subject to future performance. The business comprises eight live contracts with six local authorities and the UK's Highways Agency to deliver maintenance for the road and motorway network.
The business has about 1,200 employees and the revenue for the last six months, April 1 to September 30 2012, was £80 Million (approx. 92.3 million).
The acquisition is in line with Skanska's strategy of increasing its regional presence in the UK and building up its UK highways business. "I am happy to be able to welcome this business to the Skanska family. We already work with Atkins on a number of projects, so I know this is a good fit, business-wise as well as culturally. It also strengthens Skanska's presence in the regions where we are acquiring contracts and in the UK highways market in general", says Mike Putnam, President and CEO, Skanska UK.
Skanska will consolidate the business May 31, 2013.