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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

 

PRZOOM - /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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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
Contact: Dr. Bernd Pütter - HOCHTIEF.com 
+49 201 824 2610 bernd.reuther[.]hochtief.de
 
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IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any HOCHTIEF AG securities in any jurisdiction including any other companies listed or named in this release.

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