Fluor (FLR) has divested its equity stake in ICA-Fluor Daniel to its existing joint venture partner, ICA, for $175 million, concluding a collaboration that began in 1993.

The expected gain, combined with year-to-date operating income from the JV, will exceed Fluor's anticipated 2026 earnings contribution from ICA-Fluor Daniel, the company said late Thursday.

Fluor plans to provide additional information on the deal and update guidance at its Q2 earnings call on Aug. 7.

The decision allows Fluor "to direct attention to other growth areas, while maintaining the ability to support ICA's efforts in Mexico on a project-by-project basis," Fluor's Chief Executive Officer Jim Breuer said.

Shares of Fluor were down nearly 3% in Friday's premarket activity.