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BRIEF-Downer EDI sells its freight rail business to Progress Rail for $109 mln
November 21, 2017 / 5:56 AM / 23 days ago

BRIEF-Downer EDI sells its freight rail business to Progress Rail for $109 mln

Nov 21 (Reuters) - Downer Edi Ltd:

* Downer to sell its freight rail business to progress rail

* Deal for $109 million​

* Downer’s rail division will have more than $8 billion of work-in-hand after divestment of freight rail business​

* Rail division on track to achieve its underlying full year earnings target​

* Due to sale, to book non-cash write down of $40 million regarding freight rail goodwill and legacy assets

* Around 360 people currently employed by Downer are expected to transfer to progress rail as part of transaction Source text for Eikon: Further company coverage: (bangalore.newsroom@thomsonreuters.com)

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