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Leighton Signs Agreement to Sell John Holland to CCCC for Approximately EUR 770 Million - HOCHTIEF subsidiary Leighton Holdings announced it had entered a binding agreement for the sale of John Holland to CCCC International Holding Limited (CCCI) - HOCHTIEF.com
Leighton Signs Agreement to Sell John Holland to CCCC for Approximately EUR 770 Million

 

NewswireToday - /newswire/ - Essen, Germany, 2014/12/12 - HOCHTIEF subsidiary Leighton Holdings announced it had entered a binding agreement for the sale of John Holland to CCCC International Holding Limited (CCCI) - HOCHTIEF.com.

   
 
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The company will purchase John Holland for an enterprise valuation of approximately EUR 770 million subject to certain adjustments.

CCCI is a wholly-owned subsidiary of China Communications Construction Company (CCCC), the fourth largest construction company in the world by revenue*. CCCC has a market capitalisation of approximately EUR 15.7 billion and is listed on the Hong Kong and Shanghai stock exchanges.

Marcelino Fernández Verdes, CEO of HOCHTIEF and Leighton Holdings Executive Chairman and CEO: "In June 2014 we announced that, as part of our Strategic Review we were analysing options for our Services, Property and John Holland businesses, including the potential divestment of, or introduction of new partners to, these businesses. The divestment of John Holland supports our focus on further reducing gearing and strengthening our balance sheet so that we can be sustainably competitive." Proceeds will also be used to finance future growth, particularly in Public Private Partnerships.

The indicative impact on Leighton Holdings is:

• A reduction in gearing of approximately 10 percentage points;
• A reduction in Leighton’s annualised revenue of approximately EUR 2.5 billion and work in hand of approximately EUR 3.6 billion; and
• Approximately 4,100 employees to transfer with the business.

The sale is subject to customary approvals including by the Australian Foreign Investment Review Board.

*The Top 250 Global Contractors, Engineering News Record, Sept 2014.

 
 
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Written by / Agency / Source: HOCHTIEF AG

 
 

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Leighton Signs Agreement to Sell John Holland to CCCC for Approximately EUR 770 Million

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Leighton Holdings | CCCI
Publisher Contact: Dr. Bernd Pütter - HOCHTIEF.com 
+49 201 824 2610 bernd.reuther[.]hochtief.de
 
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