Atlas Holdings, whose portfolio of companies includes cladding specialist Permasteelisa and US steel fabricator Veritas Steel, has agreed to pay £35m in cash for UK-based Lendlease Europe.
The deal is expected to complete before the end of Lendlease’s financial year in June.
In a statement to the Australian stock exchange, Lendlease said
“On completion, this will finalise Lendlease’s exit of its international construction operations, well ahead of the targeted 18 month timeline announced at the May 2024 strategy update. The sale accelerates Lendlease’s progress to further simplify the group and focus on the growth of its Australian operations and international investments platform and follows the recent sale of its US East Coast construction operations.”
It added: “Substantially all of Lendlease’s existing UK construction employees will leave the group as they transfer with the sale, providing a seamless transition for our clients, projects and business partners.”
Lendlease Group chief executive Tony Lombardo said: “This transaction builds on our progress to simplify Lendlease as we look to lower our risk profile and increase securityholder returns. It also represents a positive outcome for both our people and our valued customers.”
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