- Infrastructure group John Laing said it had agreed to sell its 30% stake in the InterCity Express programme phase-two project for up to £421m.

The company pledged to pay a portion of the sale proceeds to shareholders in the form of annual dividends.

The sale amount represented an uplift on John Laing's valuation of £333m as at 30 June.

The transaction would be completed in two stages. In the first stage, a 15% stake would be sold, generating £203.4m.

The remaining 15% stake would be sold at £203.4m plus interest, calculated at a rate of 7% per annum, generating up to £217.6m.

John Laing pledged to pay about 5-to-10% of gross proceeds from the sale of investments on an annual basis.

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