Kier Group PLC - Manchester-headquartered construction firm - Sells Kier Living unit to Foster BidCo Ltd for GBP110 million. Newly-formed Foster BidCo is owned by Guy Hands, chair and investment chief at private equity firm Terra Firma. Buyer pays non-refundable deposit of GBP40 million. Sale need approval from Kier shareholders at general meeting planned for early-May. Kier says sale will "facilitate a material reduction in the group's net debt" and "reduce the volatility of the group's working capital".
Current stock price: 90.10 pence
Year-to-date change: up 16%
By Eric Cunha; ericcunha@alliancenews.com
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Kier (KIE)