Kier Group completes acquisition of Mouchel

9th Jun 2015 07:02

Kier Group has completed its £265m acquisition of Mouchel, which is the leading provider of repair and maintenance services to the UK strategic road network.The FTSE 250 group made the acquisition to accelerate its plans for growth in the infrastructure sector.Chief executive Haydn Mursell said: "The successful acquisition of Mouchel now positions Kier as a sector leader in the growing UK highways maintenance and management market."In particular, the acquisition enables the group to capitalise on £17bn 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 "Vision 2020" strategy."The acquisition was financed by a £340m fully underwritten rights issue.Following the deal, which was proposed back in April, the group has an order book of £9.3bn.Mouchel, which has more than 6,500 employees, provides advisory, design, project delivery and managed services to the highways and transportation, local government, property, emergency services, health, education and utilities markets in the United Kingdom, the Middle East and Australia.