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Lendlease announces it’s going to divest its engineering business

Motley Fool Staff
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Lendlease Group (ASX: LLC) has announced that it has entered into an agreement with Acciona Infrastructure Asia Pacific to sell its Engineering business for a purchase price of $180 million.

The sale price is $180 million, but under the terms of the sales agreement Acciona will acquire the engineering business excluding the NorthConnex and Kingsford Smith Drive projects which will be completed by Lendlease, those projects are both in their final stages and are at least 90% complete.

The Melbourne Metro project is also currently excluded – the start of the project has been slower than anticipated, there have been issues in relation to the scope and costs on the project.

Group CEO and Managing Director Steve McCann said: “We believe the sale of the Engineering business represents a positive outcome for our people, our clients and our securityholders. Acciona is already a leader in the sector in which they operate. Our skilled workforce, client relationships and existing projects stand to enhance their existing footprint in Australia.

“Today’s announcement also represents an important milestone Lendlease as we continue to focus on the successful delivery of our more than $100 billion global development pipeline.”

The post Lendlease announces it’s going to divest its engineering business appeared first on Motley Fool Australia.

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Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2019