Jardine Matheson acquires full ownership of Gammon Construction

Jardine Matheson has acquired the remaining 50% stake in Gammon Construction from Balfour Beatty for approximately £250 million (US$330 million), making Jardine Matheson the sole owner of the engineering firm. The transaction is the first acquisition for the newly established Jardine Engineering & Infrastructure (JE&I) platform.

Gammon Construction, which operates primarily in Hong Kong and Singapore, provides services in transport, energy, education infrastructure, and data centres. The acquisition is expected to be modestly accretive from its first year. The cash payment for the stake will be distributed in three tranches: at completion, on December 31, 2025, and on December 29, 2028.

Alongside the acquisition announcement, Jardine Matheson raised its 2026 earnings per share (EPS) guidance to a range between US$5.50 and US$5.65, up from a previous expectation of approximately US$5.33. This adjustment reflects stronger than anticipated portfolio performance.