Global law firm Ashurst is advising Kier Group plc on the £110m disposal of Kier Living to Foster BidCo Limited, a newly formed company, ultimately owned by Guy Hands, the Founder, Chairman and Chief Investment Officer of Terra Firma.
Kier Living is a housebuilding business with established operations across four of the most affordable regions in England. Kier Living’s principal focus is providing well-priced, low-rise, mixed-tenure suburban family homes through open-market sales.
Kier Group has stated that the sale of Kier Living is another step in the management’s strategy to simplify its group and to create a strong, resilient and flexible balance sheet, providing its group’s clients, customers, suppliers and other stakeholders with greater confidence in Kier Group as a counterparty.
The transaction is subject to Kier Group shareholder approval, and completion is expected to occur before mid-June 2021.
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