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Britain builder Balfour sells 12.5 pct stake in M25 operator

Reuters - UK Focus

Dec (Shanghai: 600875.SS - news) 21 (Reuters) - Britain's Balfour Beatty (Other OTC: BAFBF - news) said on Thursday it had agreed to sell a 12.5 percent stake in Connect Plus, the operator of the M25 motorway, to fund management company Dalmore Capital Limited for 103 million pounds ($137.6 million).

The sale to the British infrastructure-focused fund manager was subject to Highways England consent and was expected to be completed before the end of the year, Balfour said. The proceeds would be used to pay down borrowings in 2018, the firm said.

The company said the board had edged up its expectations for 2017 pretax profit as a result of windfall from the disposal.

($1 = 0.7486 pounds) (Reporting by Rahul B in Bengaluru; Editing by Edmund Blair)