Lendlease Group (ASX: LLC) has announced that it has entered into an agreement with Acciona Infrastructure Asia Pacific to sell its Engineering business for a purchase price of $180 million.
The sale price is $180 million, but under the terms of the sales agreement Acciona will acquire the engineering business excluding the NorthConnex and Kingsford Smith Drive projects which will be completed by Lendlease, those projects are both in their final stages and are at least 90% complete.
The Melbourne Metro project is also currently excluded – the start of the project has been slower than anticipated, there have been issues in relation to the scope and costs on the project.
Group CEO and Managing Director Steve McCann said: "We believe the sale of the Engineering business represents a positive outcome for our people, our clients and our securityholders. Acciona is already a leader in the sector in which they operate. Our skilled workforce, client relationships and existing projects stand to enhance their existing footprint in Australia.
"Today's announcement also represents an important milestone Lendlease as we continue to focus on the successful delivery of our more than $100 billion global development pipeline."
