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John Laing exits M6 Hungary motorway

The UK firm has pocketed €26.2m from the sale of its interest in the asset, which was acquired by two of the project’s existing shareholders.

John Laing has completed the divestment of its 30 percent stake in MAK Mecsek Autopálya Koncessziós, the operator of a stretch of Hungary’s M6 road.

The UK-based developer reaped €26.2 million from the sale, adjusted for both a distribution received by John Laing after the deal was agreed and interest accrued on the money transferred, it said.

The transaction had originally been agreed in December and priced at €26.6 million, with the stake going to existing shareholders STRABAG and Intertoll-Europe after they exercised their pre-emption rights. An announcement made in December did not mention the buyers by name, and it is not clear whether STRABAG and Intertoll-Europe were already set to purchase the stake at the time.

John Laing had not responded to a query at press time.

The M6 project, which reached financial close in November 2007, runs for 80 kilometres along the M6 motorway (section Szekszárd-Bóly) to the M60 express road (section Bóly-Pécs). Completed in March 2010, it includes four tunnels and several viaducts.

The news comes as John Laing conducts a review that may see it make forays into new sectors including water, broadband and energy storage.

“Beyond the PPP and renewable energy markets, we continue to research other asset classes that look as if they could fit our business model in order to feed future growth,” chief executive Oilivier Brousse said earlier this month.