{"id":16453,"date":"2015-04-28T09:43:14","date_gmt":"2015-04-28T09:43:14","guid":{"rendered":"http:\/\/www.adjacentgovernment.co.uk\/?p=16453"},"modified":"2017-02-08T15:16:05","modified_gmt":"2017-02-08T15:16:05","slug":"kier-confirms-mouchel-takeover","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/hr-skills-news\/kier-confirms-mouchel-takeover\/16453\/","title":{"rendered":"Kier confirms Mouchel takeover"},"content":{"rendered":"<h2><span>Building group Kier has announced it will acquire Mouchel in a \u00a3265m deal that will give the group a new order book of \u00a39.3bn&#8230;<\/span><\/h2>\n<p><a href=\"http:\/\/www.mouchel.com\/\" target=\"_blank\"><span>Mouchel<\/span><\/a>, which maintains a third of Britain&#8217;s highways, is set to be taken over by UK building group <a href=\"http:\/\/www.kier.co.uk\/\" target=\"_blank\"><span>Kier<\/span><\/a>.<\/p>\n<p>The \u00a3265m deal will be financed by a \u00a3340m underwritten rights issue, which will include Mouchel&#8217;s debt and integration costs. Under the rights issue, new shares will be issued at 858p per new share on the basis of five new shares for every seven existing shares.<\/p>\n<p>Mouchel was taken over by the banks in 2012 after a \u00a34.3m black hole was found in its accounts. The company currently employs 6,500 members of staff across six nations, including the UK, Australia, and the Middle East.<\/p>\n<p>The Royal Bank of Scotland, Barclays, and Lloyds Banking Group\u2014Mouchel&#8217;s owners\u2014were looking for \u00a3300m to \u00a3400m for the business. The proceeds from the rights issue will be used to repay the firm&#8217;s net debt, finance the deal integration costs, and pay the expense associated with the sale.<\/p>\n<p>Mouchel currently has an order book worth \u00a32.8bn. Combined, the new group will have an order book worth \u00a39.3bn.<\/p>\n<p>The takeover by Kier will see two firms become a leader in the growing highways market. Together, the two companies will service approximately 44,000km of UK roads and 28 per of the country&#8217;s strategic road network.<\/p>\n<p>Chief Executive of Kier Haydn Mursell said he is looking to expand the firm&#8217;s road building and maintenance business. The company is the fifth largest recipient of Highways Agency spending, with around \u00a3300m of annual revenue.<\/p>\n<p>Mursell said: \u201cOver the last three years, Mouchel has been transformed into a strong business with market leading positions.<\/p>\n<p>\u201cThe combination of Kier and Mouchel, particularly in the provision of UK highways maintenance services, creates a leader in a growing marketplace.<\/p>\n<p>\u201cThe acquisition is consistent with and accelerates the delivery of our Vision 2020 strategy and will provide compelling value to shareholders.\u201d<\/p>\n<div class=\"mk-custom-module-container\">\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Building group Kier has announced it will acquire Mouchel in a \u00a3265m deal that will give the group a new order book of \u00a39.3bn&#8230; Mouchel, which maintains a third of Britain&#8217;s highways, is set to be taken over by UK building group Kier. The \u00a3265m deal will be financed by a \u00a3340m underwritten rights issue, [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[285],"tags":[676,661],"stakeholder_rel_tag":[],"contributor_rel_tag":[],"class_list":{"0":"post-16453","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-hr-skills-news","7":"tag-construction","8":"tag-hr"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v26.9) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Kier confirms Mouchel takeover | Planning, Building &amp; Construction Today<\/title>\n<meta name=\"description\" content=\"Building group Kier has announced it will acquire Mouchel in a \u00a3265m deal...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.pbctoday.co.uk\/news\/hr-skills-news\/kier-confirms-mouchel-takeover\/16453\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kier confirms Mouchel takeover\" \/>\n<meta property=\"og:description\" content=\"Building group Kier has announced it will acquire Mouchel in a \u00a3265m deal...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.pbctoday.co.uk\/news\/hr-skills-news\/kier-confirms-mouchel-takeover\/16453\/\" \/>\n<meta property=\"og:site_name\" content=\"Planning, Building &amp; 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