Jardine Matheson has bought Balfour Beatty's 50% shareholding in Hong Kong contractor Gammon Construction for £250m (about US$330m) in cash, the British group said on 13 October 2026, making Jardine the sole owner.
Why Jardine Matheson Holdings is buying Gammon Construction (50% from Balfour Beatty)
Balfour Beatty said the sale fits its Evolve, Energise and Explore strategy and lets it concentrate on its core US and UK geographies. It said the acquisition enlarges Jardine Matheson's new Jardine Engineering & Infrastructure pillar and allows Jardine to apply its local presence and expertise to Gammon as a wholly-owned business.
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Deal terms and financing
The £250m is payable in three equal tranches, the first of £83.3m on completion and the others by 31 December 2027 and 31 December 2028. Balfour Beatty will keep the first tranche as cash for its year-end capital allocation review. Its 50% share of Gammon's profit from operations was £36m in 2025 and £11m in the first half of 2026, and the stake was carried at £86m at 30 June 2026.
Regulatory approvals and timing
The transaction completed on signing on 13 October 2026. Gammon will be reported as a discontinued operation in Balfour Beatty's 2026 accounts.
Market context
Gammon is a leading Hong Kong civil and building contractor and has been a 50:50 joint venture between Balfour Beatty and Jardine Matheson since 2004, when Balfour Beatty bought Skanska's half. Balfour Beatty said it will no longer have operations in Hong Kong after the sale.
