The sale of the shareholding was made for a total cash consideration of £250 million. 

The transaction will enable the group to focus further on its core US and UK geographies, in line with the Evolve, Energise and Explore strategic framework.

The move now sees Jardine Matheson as the 100% owner to fully apply its local market presence and expertise to Gammon.

The total cash consideration is payable in GBP in three equal tranches: on completion 13 October, by 31 December 2027 and by 31 December 2028.

The first tranche of £83.3m is to be retained as cash and included in Balfour Beatty’s year-end capital allocation review.

Philip Hoare, Balfour Beatty group chief executive, said: “Balfour Beatty’s investment in Gammon has been highly successful, providing a steady dividend for many years. 

“However, in line with our profitable growth strategy, the group is focused on the opportunities across our chosen US and UK geographies where we continue to see significant potential.”

Hoare added: “In this context, the board considered potential strategic options for our shareholding in Gammon, determining that Jardine Matheson is the right buyer to consolidate ownership and fully apply their local market presence and expertise to Gammon going forward.

“We thank Jardine Matheson and the Gammon management team for their strong strategic partnership and wish the business and all its employees continued success in the future.”

Gammon has capabilities within both civil infrastructure and building construction. It has been held as a 50:50 joint venture between Balfour Beatty and Jardine Matheson since 2004.

Balfour Beatty launched Evolve, Energise and Explore in March 2026, which is a strategic framework, for its next phase of profitable growth. The framework is focused on boosting the core business and ramping up profitable growth.

Balfour Beatty’s 50% share of Gammon’s profit from operations was £36m for the full year 2025 and £11m for the first six months of this year.