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Guy Hands buys Kier's housebuilding arm Kier Living in £110m deal

Government contractor Kier has sold off its housebuilding arm to private equity baron Guy Hands in a cash deal worth £110million.
The construction company announced the deal on Friday, saying it had agreed to sell its Keir Living business to a newly formed company called Foster BidCo owned by the billionaire investor.
Hands, the founder and boss of private equity firm Terra Firma who s been living in Guernsey for tax reasons since 2009, said he was delighted to buy the business, which has significant growth potential .
Deal: Private equity baron Guy Hands said Kier Living had significant growth potential
Private equity firms are infamous for making drastic cuts at the companies they buy and loading them with debt before selling them on for more money. ....

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Investegate |Kier Group PLC Announcements | Kier Group PLC: Sale of Kier Living

Kier Group plc ( Kier or the Company ) today announces that it has entered into an agreement for the cash sale of Kier Living Limited ( KierLiving ) to Foster BidCo Limited (the Buyer ), a newly formed company, ultimately owned by Guy Hands, the Founder, Chairman and Chief Investment Officer of Terra Firma (the Transaction ).

The Transaction is conditional on Kier shareholders ( Shareholders ) approval at a General Meeting expected to occur in early May.

The consideration payable by the Buyer for Kier Living is £110 million, payable in cash on completion of the Transaction ( Completion ), which is expected before mid-June. There will be additional payments made on completion to cover, among other things, Kier and its subsidiary and associated undertakings (the Group ) providing working capital ....

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