StockMarketWire.com - Infrastructure services group Kier said Thursday it had reached an agreement to sell KHSA to Downer Group for up to AUS$43.7m, or about £24m in cash.

The sale was expected to result in a profit of about £15m, the proceeds of which would be used to pay down Kier's net debt.

KHSA, which was acquired as part of the Mouchel group of companies in 2015, provided road asset management and maintenance services in Australiain joint venture with Downer.

For the financial year ended 30 June 2018, KHSA reported a profit before tax of £7.0m. The gross assets of the company were £52.1m at 30 June 2018.

The transaction was expected to take place in early 2019, Kier said.



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