Skanska has signed a sale and purchase agreement for its public private partnership investment in the M25 motorway for SEK 2.9 billion, or £265m.

The buyer, Edge Orbital Holdings, is a consortium of institutional investors arranged and advised by Macquarie Capital.

Skanska is divesting its 40% ownership of Connect Plus, which manages the M25. Other Connect Plus shareholders are Balfour Beatty, Atkins and Egis.

It is anticipated that the deal will complete in early 2017, subject to approval from Highways England.