Cimic (ASX:CIM) share price wobbles on $2.2 billion sale news

The Cimic Group Ltd (ASX: CIM) share price climbed slightly higher this morning, before dipping to its current price of $24.55 per share.

The share price movement comes on the back of a pre-market announcement from the Aussie building and construction group regarding a major sale.

Why is the Cimic share price on the move today?

This morning, Cimic announced it has completed the sale of 50% of its subsidiary, Thiess. Thiess is the world’s largest mining services provider and was previously wholly owned by Cimic.

The price received for the 50% stake implies an enterprise value of $4.3 billion. For its stake, Cimic is set to receive $2.2 billion in cash from the completed transaction.

The Cimic share price is on the move in early…