Atlas Holdings, whose portfolio of companies includes cladding specialist Permasteelisa and US steel fabricator Veritas Steel, has agreed to pay 拢35m in cash for UK-based Lendlease Europe.
The deal is expected to complete before the end of Lendlease鈥檚 financial year in June.
In a statement to the Australian stock exchange, Lendlease said: 鈥淥n completion, this will finalise Lendlease鈥檚 exit of its international construction operations, well ahead of the targeted 18 month timeline announced at the May 2024 strategy update. The sale accelerates Lendlease鈥檚 progress to further simplify the group and focus on the growth of its Australian operations and international investments platform and follows the recent sale of its US East Coast construction operations.鈥�
It added: 鈥淪ubstantially all of Lendlease鈥檚 existing UK construction employees will leave the group as they transfer with the sale, providing a seamless transition for our clients, projects and business partners.鈥�
Lendlease Group chief executive Tony Lombardo said: 鈥淭his transaction builds on our progress to simplify Lendlease as we look to lower our risk profile and increase securityholder returns. It also represents a positive outcome for both our people and our valued customers.鈥�
Got a story? Email news@theconstructionindex.co.uk
