Ferrovial has agreed the sale of Amey Group to UK-based Buckthorn Partners and US firm One Equity Partners.

The deal values Amey at £400m, with an equity value of £245m, based on estimated net debt and working capital for December 2022.

The buyers will pay £109m in cash with a vendor loan note of £136m repayable over the next five years with an interest rate of 6% per year (moving to 8% after year three).

The deal – which is still subject to regulatory approvals – excludes Amey’s waste treatment business, which will remain in the Ferrovial group. Completion is expected to take place before the end of the yea, reports Construction Index.

Nicholas Gee, founding partner at Buckthorn Partners, said: “Amey is at the heart of developing innovative routes to deliver the UK’s infrastructure needs. Amey’s consulting and engineering services are essential to expedite the energy transition by improving the performance of transport and building infrastructure.

“We are delighted to acquire a business with market leading capability in managing critical infrastructure and look forward to building on this capability and on Amey’s positive work in social value and sustainability.

“Our ownership will bring stability, investment and expertise to grow and develop the company. We have a strong track record of growing businesses and are excited about the prospect of working closely with Amey and its excellent workforce to shape the future of the business.”