Kier has completed the sale of its housing business paving the way for its £241m equity raise to be formally rubber-stamped next month.
Earlier this month, the firm said it had finalized the equity raise less than nine hours after announcing it with the raise dependent on Kier formally completing the £110m deal to sell its Kier Living housing arm to a private equity firm run by financier Guy Hands.
With the £110m expected from the sale of Kier Living, the firm is set to pump more than £350m into reducing its £436m debt pile.
Kier announced it would go to the markets for fresh equity at its interim results last month, where it said pre-tax profit in the six months to December 2020 was £9m from a £41m loss last time. Turnover was down from £1.9bn to £1.6bn.
