Jardine Matheson Holdings Ltd took full control of Gammon Construction Ltd by buying Balfour Beatty Plc’s 50 percent stake in the company for £250 million ($330 million).

Hong Kong-based Jardines will pay the consideration in three equal tranches through Dec 29, 2028, it said in a statement Tuesday, adding that the transaction is expected to be “modestly accretive” from its first year.

Jardines Chief Executive Officer Lincoln Pan, a former private equity investor, is reshaping the sprawling conglomerate to refocus on higher-growth areas. Gammon has projects in Hong Kong, Singapore and elsewhere in Asia, including transport, energy, education infrastructure, data centers, offices and resorts.

The acquisition is a first for the group’s new Jardine Engineering & Infrastructure division, which brought together several building and engineering operations. It aims to secure large contracts related to Hong Kong’s Northern Metropolis, as well as regional AI and energy infrastructure projects, JE&I CEO Kevin O’Brien said in the statement.

“We see significant opportunity for Gammon to continue its growth trajectory,” he said.

Jardines, an investor in Gammon since 1969, also upgraded its 2026 earnings guidance to between $5.50 and $5.65 per share, from $5.33 previously.

“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,” Pan said in the statement.