Amey takeover to finally put an end top troubled Birmingham PFI contract.
Final payment to Council to be paid after takeover completes.
The final compensation payment following Amey's early exit from the Birmingham PFI contact will be paid on completion of the company's takeover.
Annual accounts for Amey Ltd (formerly Amey plc) show the final £35M payment will be made once ownership of the company transfers from Ferrovial ownership to Buckthorn Capital and One Equity Partners.
The takeover, estimated to be worth £400m, was exclusively revealed by Insight midway through last year with the deal having been expected to finalise by 31st December 2022.
Amey bought itself out of the PFI contract in 2019 for £215M, following five years of legal wrangling between the contractor and Birmingham City Council’s SPV Birmingham Highways Ltd.
The process for the procurement of a restructured contract began in February 2022 and then in May, Birmingham Highways Ltd shortlisted SNC-Lavalin and Kier Highways to bid for the job.