Balfour completes Hong Kong purchase

Balfour Beatty has completed its acquisition of Skanska's 50% interest in Hong Kong-based Gammon.

Balfour has paid £33m for the stake. The rest of Gammon is owned by Jardine Matheson.

Gammon is the market leader in Hong Kong and also has businesses in China and Singapore. Its main business is civil engineering, foundation engineering and major building construction. As part of the transaction, Balfour's existing Hong Kong business will be merged with Gammon, enhancing its civils capacity and adding M&E work to its offering.