Business
Acquisition of rail assets for £9.6 million
Acquisition of rail assets for £9.6 million.
About this update from Kier Group Plc
[{"type":"text","content":"\n\n4 September 2023\n \nKier Group plc\n \nAcquisition of rail assets for £9.6 million\n \nKier Group plc (\"Kier\" together with its subsidiaries the \"Group\") is pleased to announce that the Group has agreed to acquire substantially all the rail assets from Buckingham Group Contracting Limited (\"in administration\") (\"Buckingham\") and their HS2 contract supplying Kier's HS2 joint venture, EKFB, for a total consideration of £9.6 million in cash (the \"Transaction\").\n \nCommenting on the Transaction, Andrew Davies, Chief Executive of Kier Group plc, said:\n \n\"We have previously stated that we would consider value accretive acquisitions in core markets where there is potential to accelerate the medium-term value creation plan. This acquisition is one such example - it is an excellent strategic fit and accelerates our rail strategy, providing work with new rail clients and increasing our capabilities. I am delighted to welcome our new employees, clients and suppliers to Kier.\"\n \nGiven its modest size, the Board does not believe this acquisition will materially impact the Group's forecasts for FY24, nor its year end or average net cash position.\n \n- ENDS -\n \n \nFor further information, please contact: \n\n\n\nInvestor Relations\n\n\n+44 (0)7933 388 746\n\n\n\n\nKier Press Office\n\n\n+44 (0)1767 355 096\n\n\n\n\nRichard Mountain, FTI Consulting\n\n\n+44 (0)203 727 1340\n\n\n\n \n \nAbout Kier Group plc\n \nKier is a leading UK infrastructure services, construction and property group. We provide specialist design and build capabilities and the knowledge, skills and intellectual capital of our people to ensure we are able to project manage and integrate all aspects of a project.\n \nThis announcement does not constitute an offer of securities by Kier Group plc (the \"Company\"). Nothing in this announcement is intended to be, or intended to be construed as, a profit forecast or a guide as to the performance, financial or otherwise, of the Company or any of its subsidiaries (together, the \"Group\") whether in the current or any future financial year. This announcement may include statements that are, or may be deemed to be, ''forward-looking statements''. By their nature, forward-looking statements involve risks and uncertainties beca...