Lend Lease announced on 21 December that it had reached an agreement with Bilfinger Berger to obtain a 100 per cent stake of Valemus Australia.
The acquisition was valued at AUD 960M (USD 952.8M) to be financed by existing cash reserves held by Lend Lease and an AUD 225M (USD 223.3M) five-year debt facility.
Lend Lease is the parent company of Abigroup, Baulderstone and Conneq. The Valemus businesses are leading providers of engineering, construction, residential and non-residential building services in Australia.
Lend Lease believes that this move will enable it to diversify its position in the sector and enable it to expand its capabilities as it comes into possession of over 150 standing contracts, a secured future revenue of AUD 5bn (USD 4.96bn) per annum and Valemus’s extensive government client base.
“It presents the opportunity for Lend Lease to take a leading position in the engineering and construction market at an attractive price,” said Steve McCann, chief executive officer and managing director of Lend Lease.
