The acquiring vehicle is said to be a UK company controlled by funds managed by One Equity Partners, who are entering into the transaction alongside their acquisition partner, Buckthorn Partners.
Ferrovial said in a statement that it expects final completion of the deal, which is still subject to regulatory clearances, in 2022.
Amey currently provides a range of services in the UK, including infrastructure maintenance and upkeep, consulting and facility management, alongside its waste treatment business.
The treatment business is to be retained by the parent company within its energy infrastructure and mobility division.
The sale comes as Ferrovial was looking to divest all its services activities, having classified them as “discontinued operations” as of 31 December 2018 (see letsrecycle.com story). The company has adopted a strategy known as ‘Horizon 24’, which prioritises “infrastructure development, construction and management”.
Commenting on the sale, Ignacio Madridejos, CEO of Ferrovial, said: “This transaction represents a step forward in our Horizon 24 business plan, focused on developing sustainable infrastructure to continue creating value for our shareholders, and the communities in which we operate. The deal practically concludes the divestment of the services business.”
Ferrovial has been contacted for comment.
Waste treatment
Excluding the waste treatment business, Amey has a workforce of approximately 11,000 employees. Its revenue was said to be at £1.4 billion in 2021.
Amey treats waste at four sites across North Yorkshire, Milton Keynes, Cambridgeshire and the Isle of Wight. Treatment includes mechanical biological treatment, “traditional” mass-burn energy from waste, in-vessel composting, advanced thermal treatment and anaerobic digestion.
The company’s Isle of Wight site was planned to be fully operational last summer after it was reported to be in final stages of commissioning at the beginning of June last year (see letsrecycle.com story). The commissioning was initially due to be completed in 2019, with the construction having begun in 2017. The site is set to have a capacity of 44,000 tonnes per year (see letsrecycle.com story). However, it is still not yet operational.
Subscribe for free