Fluor Sells Mexico JV Stake to ICA for $175M
FLR sits 32% above its 52-week low of $37.62.
Summary
Fluor is selling its equity stake in the ICA-Fluor Daniel joint venture to partner ICA for $175 million. The deal unwinds a long-standing Mexican construction partnership. Proceeds are modest relative to Fluor's $6.9 billion market cap but add to a string of divestitures, including the NuScale share sales that generated $473 million in April. The transaction simplifies Fluor's portfolio and provides additional cash, though no use of proceeds was disclosed. The sale follows a Q1 marked by mixed results and a lowered EBITDA guidance range.
At the time of this announcement, FLR was trading at $49.51 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $6.9B. The 52-week trading range was $37.62 to $57.50. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.