Skanska's acquisition will double its UK turnover to 拢300m

Skanska has paid 拢50m for street works contractor McNicholas doubling its turnover in the UK.

McNicholas has a strong coverage of highways maintenance, power, gas, water and rail projects in London and the South-east and in 2005 posted a turnover of 拢150m. The combined business will give Skanska a UK turnover of 拢300m

David Fison, chief executive ofSkanska UK, said: 鈥淭he acquisition of McNicholas Plc is part of our strategy to grow and develop our UK utilities and infrastructure services business. We know McNicholas Plc well and have developed an excellent working relationship through our successful joint venture undertaking the gas distribution mains replacement programme for National Grid in the north London area."

McNicholas will be merged with Skanska UK鈥檚 existing utilities operating unit, headed up by Stewart Keeble.

Michael Doherty, managing director of McNicholas Plc, said: 鈥淭he integration of our businesses is very positive for both customers and employees. The coming together of Skanska and McNicholas will allow us to accelerate our strategic plans, to broaden our solutions and build a service-offering which very few competitors will be able to match.鈥�