Ferrovial takes £663m hit on Amey and announces global services arm 'held for sale'

By Hamish Champ2019-03-01T06:00:00

Spanish group points finger at budget cuts levelled at UK local councils for write-down

Spanish infrastructure giant Ferrovial has taken a €774m (£663m) valuation hit on Amey, its UK services arm, after effectively classifying its entire services operation as being up for sale.

Last December it was reported that Ferrovial had appointed Goldman Sachs to hunt for a buyer for its global services business, which includes Amey.

Downgrading the book value of Amey by 87% to €103m (£88m) Ferrovial said it had been adversely affected by the downturn in UK services’ activity in recent years, although it was business as usual at the Oxfordshire-based firm.

Already registered? Login here

To continue enjoying Building.co.uk, sign up for free guest access

Existing subscriber? LOGIN

Stay at the forefront of thought leadership with news and analysis from award-winning journalists. Enjoy company features, CEO interviews, architectural reviews, technical project know-how and the latest innovations.

Limited access to building.co.uk
Breaking industry news as it happens
Breaking, daily and weekly e-newsletters

Get your free guest access SIGN UP TODAY

Subscribe now for unlimited access

Subscribe to Building today and you will benefit from:

Unlimited access to all stories including expert analysis and comment from industry leaders
Our league tables, cost models and economics data
Our online archive of over 10,000 articles
Building magazine digital editions
Building magazine print editions
Printed/digital supplements

Subscribe now for unlimited access.

View our subscription options and join our community