Jardine Matheson has taken full ownership of Hong Kong-based contractor Gammon Construction after acquiring Balfour Beatty’s 50% stake.
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, the contractor said in its statement.
Jardine Matheson has been a shareholder in Gammon since 1969. Since 2004, Gammon has operated as a 50:50 joint venture between Balfour Beatty and Jardine Matheson.
“Gammon Construction marks our second significant transaction in 2026 and is a strategic, synergistic expansion of our Jardine Engineering & Infrastructure vertical,” said Lincoln Pan, CEO of Jardine Matheson.
“We see significant opportunities 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,” added Kevin O’Brien, CEO of JE&I.
In a separate statement, Balfour Beatty said the transaction will enable the group to focus further on its core US and UK geographies, in line with its Evolve, Energise and Explore strategic framework, launched in March 2026.
“Balfour Beatty’s investment in Gammon has been highly successful, providing a steady dividend for many years. However, in line with our profitable growth strategy, the group is focused on the opportunities across our chosen US and UK geographies where we continue to see significant potential,” explained Philip Hoare, group chief executive of Balfour Beatty.
“In this context, the board considered potential strategic options for our shareholding in Gammon, determining that Jardine Matheson is the right buyer to consolidate ownership and fully apply their local market presence and expertise to Gammon going forwards.”
