The council has picked Balfour as its new contractor with Amey named as the reserve bidder and Costain Limited as second reserve bidder.
The procurement race has lasted eight months and Balfour is set to start work across the county in September.
Geoff Hughes, director for places and communities said: “These are key frontline services and this procurement has sought commitments to ensure improvements and value for money, bring investment into the highways network, ensure services are responsive to the community and provide contribution to the regeneration of the economy and social capital in the county.
“We are pleased we were able to stick to a very tight procurement timetable. We had a field of extremely strong bidders and we’re genuinely thankful for the hard work they’ve put in to this process.”
“I’d like to thank the bidders for their courteous, prompt and productive way they have all participated.
“I am confident that the resulting contract will achieve savings and help the council balance its budgets in the coming years.”
The contract covers highways maintenance and improvement, street lighting, traffic signals, street cleaning, parks and public rights of way, fleet maintenance and professional consultancy services.
This involved a major procurement exercise taking place during the past eight months for a new ten year contract worth in the region of £200m.
Work will now be undertaken to conclude the process and award the final contract in early July.
Full details will be outlined in July with the new arrangements beginning in September.