BUSINESS LIVE: Balfour Beatty fined £49m on US fraud claims; Flutter buys Italian gambling firm for £1.6bn; London leads European IPOs
The US subsidiary of British engineering giant Balfour Beatty has been fined £49million following criminal and civil investigations by the Department of Justice, which probed performance incentive fees related to maintenance work at military housing installations.
Balfour Beatty Communities has pleaded guilty to one count of fraud and has agreed to the appointment of an independent compliance monitor for a three-year period.
Betfair and Poker Stars owner Flutter Entertainment is set to buy Italian online gaming operator Sisal for £1.62billion.
The latest example of merger and acquisition activity in the gambling market, which has seen a flurry of deals in the past year, will see Flutter expand its footprint in Europe.
The City of London has retained its crown as the hottest market in Europe for new companies to list on the stock market.
Around £13.9billion was raised through floats in the Square Mile over the last year, beating its closest continental rivals Stockholm and Amsterdam, which raised £9.4billion and £7.2billion respectively.
Balfour Beatty has previously said it expects to benefit from the US Infrastructure Investment and Jobs Act