Balfour Beatty buys Centex Construction

announced today that it has agreed to acquire

(CC), a leading US building company, from

for a cash consideration of $362m.

In addition to the initial cash outlay, Balfour Beatty will pay Centex Corporation $4m per annum for 15 years to secure incremental tax benefits.

According to Balfour Beatty, the acquisition of CC offers the company potential to grow in its target building and investment markets, as well as a strong, well-positioned and well-managed business.

Centex Corporation is selling CC in order to concentrate its resources on the US housing market, in which it is a leading participant.

The transaction is conditional upon certain US regulatory clearances.