Webuild to expand Clough acquisition23 January 2023
Webuild is finalising an agreement with Clough’s administrators to expand its acquisition to include more projects.
Australian company Clough Group went into voluntary administration on December 5 after a takeover plan by Webuild fell through the same day. Webuild later announced it would acquire assets and certain projects from Clough, including offices, brand, credentials, business references, senior management, office personnel and its share in the Snowy 2.0 hydro project and Inland Rail contracts where Clough is Webuild’s partner.
Webuild says the acquisition now includes more projects. Details of the scope of the transaction and its completion will be provided “in the coming days”.
Australia is Webuild’s second largest market after Italy, with an order backlog of €8.9bn (US$9.5bn), including projects for which Webuild is the preferred bidder, and a workforce of more than 1,800 people. Construction investments in the Australian market are expected to reach more than €300bn (US$319.5bn) in the 2022-2025 period.