Jardine buys out Balfour Beatty's Gammon stake for £250m
Jardine Matheson has completed the acquisition of Balfour Beatty's 50 per cent stake in Gammon Construction for £250 million in cash, making Jardine the sole owner. The group also raised its 2026 underlying earnings per share forecast to US$5.50-US$5.65, citing solid performance across its portfolio
Jardine Matheson has completed a deal to acquire Balfour Beatty's 50 per cent stake in Gammon Construction for £250 million in cash, making the group the sole owner of the Hong Kong-based builder with immediate effect.
The transaction, which has been signed and closed, will be settled in three equal instalments. Jardine said it expects the acquisition to make a modest contribution to earnings from the first year.
Separately, the group raised its forecast for underlying earnings per share this year to between US$5.50 and US$5.65, representing growth of 3 to 6 per cent over last year's adjusted figure. The upgraded guidance reflects the continued solid performance of the group's business portfolio during the first three quarters of the year, Jardine said.
Gammon Construction is a major contractor in Hong Kong and Macau, involved in building and civil engineering projects. Balfour Beatty, a UK-based international infrastructure group, had held its half-share in the joint venture for decades.
The acquisition consolidates Jardine's control over Gammon, which has been a key part of its construction and engineering interests in the region. Financial details of the deal were not disclosed beyond the cash consideration and payment schedule.