Jardine Matheson Acquires Full Ownership Through Acquisition of Balfour Beatty’s 50% Stake

Gammon Construction (“Gammon”) today announced that Jardine Matheson (“Jardines”) has acquired Balfour Beatty’s 50% stake in the company, making Jardines the sole owner of Gammon with immediate effect.

Jardines has been a shareholder in Gammon since 1969. The acquisition marks a new chapter in this longstanding relationship and underscores Jardines’ continued confidence in Gammon, its people and the opportunities ahead for the business.

As part of Jardine Engineering & Infrastructure (“JE&I”), Gammon will continue to build on its strong foundations and capabilities while pursuing opportunities for sustainable growth in Hong Kong, Singapore and across the region.

Lincoln Pan, CEO of Jardine Matheson, said: “Gammon Construction marks our second significant transaction in 2026 and is a strategic, synergistic expansion of our Jardine Engineering & Infrastructure vertical. The transaction is immediately accretive to Jardine Matheson’s underlying net profit. Our goal remains doubling the earnings of JE&I in the coming years by focusing on strategic investments that expand controlled earnings and capabilities across Asia. Jardines has been an investor in Gammon since 1969, and this acquisition signals our continued commitment to Gammon and Hong Kong as we increase our stake in a business we have been deeply involved with, and are proud to partner with for many years to come.”

“I want to extend our deep appreciation to our long-time partner Balfour Beatty, including their Chairman Lord Charles Allen and Group Chief Executive Philip Hoare, for the many years of friendship and collaboration to build Gammon into the leading platform it is today. We wish Balfour Beatty the very best success in the future,” Mr Pan added.

Kevin O’Brien, CEO of Jardine Engineering & Infrastructure, said: “Gammon Construction is a high-quality business with a strong reputation, deep customer relationships and talented people. We see significant opportunity for Gammon to continue its growth trajectory – be that in Hong Kong, including capturing significant projects such as Northern Metropolis, or Singapore and the wider region, capturing broader regional growth trends, including demand from AI for supporting infrastructure, energy and sustainable solutions and accelerating industrialisation across Asia – alongside synergies with other parts of the JE&I portfolio.”

“I want to give personal thanks to the leadership team at Balfour Beatty, who have over many years been a strong, supportive partner for Gammon Construction and myself,” Mr O’Brien added.

Philip Hoare, Balfour Beatty Group Chief Executive, said: “We thank Jardine Matheson and the Gammon management team for their strong strategic partnership and wish the business and all its employees continued success in the future.”