A deal worth € 770 million (US$ 947 million) has been agreed by Hochtief subsidiary company Leighton Holdings for the sale of John Holland to CCCC International Holding.
The move to sell the Australian contractor to the financing arm of China Communications Construction Company comes amid a streamlining of Germany-based Hochtief’s wider business portfolio.
In October, the contractor made the decision to divest its offshore assets to marine engineering company GeoSea, as well as parting with its property companies Format and Aurelis.
The sale of John Holland is subject to approval by the Australian Foreign Investment Review. It would involve the transfer of 4,100 employees to the new business. As a result of the sale, Leighton’s annual revenues would be reduced by around € 2.5 billion (US$3.9 billion).
Marcelino Fernández Verdes, CEO of Hochtief and Leighton Holdings, said, “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 sustain competitiveness.”
Proceeds will also be used to finance future growth, particularly in public private partnerships.”
International contractor Leighton is selling its engineering subsidiary John Holland for $1.15 billion to Chinese company CCCC International Holding Ltd.
CCCI is a wholly-owned subsidiary of China Communications Construction Company (CCCC), the fourth largest construction company in the world by revenue, with a market cap of $A23.5 billion.
Leighton CEO Marcelino Fernández Verdes says the divestment of is part of the company’s strategic review initiatives to strengthen the balance sheet.
The money will be used to pay down debt.
The sale will mean a cut in Leighton’s annualised revenue of about $3.7 billion. About 4,100 employees, from almost 50,000 in the group, go with the business.
Leighton’s shares are trading up 1.38% to $22.00.
公司就收购澳大利亚John Holland 股权签订收购协议
2014-12-15
12月11日，中交国际在悉尼与澳大利亚礼顿集团（Leighton Holdings）正式签署股权购买协议，拟收购礼顿集团旗下John Holland公司100%的股权，收购对价为9.53亿澳元（折合人民币约48.82亿元），并计划于2015年3月底之前完成股权交割。 拟收购目标公司John Holland创立于1949年，总部在墨尔本，目前在澳大利亚建筑企业中位列三甲，在业界享有较高的声誉。该公司主要有三大业务板块，包括基建工程板块、特殊工程板块以及交通服务板块。John Holland拥有若干核心技术，主要包括铁路系统、隧道工程、水务及污水处理、环保工程、海洋工程及石油炼化基础设施等。值得一提的是，John Holland拥有澳大利亚最强大的铁路建设及营运管理能力，是澳大利亚唯一同时持有铁路运营和铁路基建管理执照的公司，可在澳大利亚全境开展相关业务。John Holland公司2013年度总收入为45.5亿澳元，目前在手未完成合同额约为 55.1亿澳元。 收购John Holland公司是母公司中国交建国际化经营发展战略中的重要举措。本次收购将为公司进入澳大利亚市场赢得实质性突破。澳大利亚政治、经济、社会环境良好，工程承包市场稳定增长，公司可借助John Holland在铁路、隧道、水务等领域的行业领先地位在澳大利亚市场占据一席之地。同时，预期John Holland公司将在多个业务领域与中国交建实现较强的协同效应，为公司开拓全球市场尤其是发达国家市场培育良机。 收购完成后，John Holland作为中国交建的子公司将保持其原有品牌，持续开展在澳大利亚或其他国家的业务运作，而中国交建也将适时为其提供战略、资金或技术等多方面的支持。 就本次收购工作，中交国际历经半年的时间，相继开展了全面深入的尽职调查，聘请国际权威的顾问团队，安排管理层会谈和现场考察，最终经过多轮的艰辛谈判，与卖方达成协议。待股权交割后，中国交建将完成继成功收购美国F&G公司后第二例跨国并购，从而为公司向世界一流跨国企业集团迈进奠定基石。