The deal concludes a long-running soap opera that saw Mouchel taken over by its lending banks in 2012 after collapsing into administration. Former shareholders got just a penny a share. The previous year they had rejected takeover offers from Costain and Interserve worth as much as 135p per share. The highest offer then valued Mouchel at 拢175m.
Among its portfolio of work, Mouchel is the leading provider of repair and maintenance services to the UK motorway and trunk road network.
Kier chief executive Haydn Mursell commented: "The successful acquisition of Mouchel now positions Kier as a sector leader in the growing UK highways maintenance and management market.聽 In particular, the acquisition enables the group to capitalise on 拢17 billion of investment in the strategic road network to be delivered through Highways England over the next five years, whilst also accelerating the delivery of Kier's 鈥榁ision 2020鈥� strategy."