China Communications Construction Company (CCCC) is in late-stage talks to acquire John Holland, a subsidiary of Australian builder Leighton Holdings.

According to sources, Australia's ANZ Bank, Morgan Stanley and Bank of China would be the lending syndicate for the proposed transaction.

Morgan Stanley is advising CCCC, while Macquarie Capital is the adviser for Leighton. Macquarie Capital is also handling the sell down of Leighton's services operations.

According to sources, other firms like Spain's Acciona and Ferrovial, and France's Bouygues are among the companies that have bid for John Holland.

The firm has a total value estimated at A$1 billion.

Leighton Holdings acquired a 70 percent shareholding in John Holland in February 2000, which increased to 100% in 2007.

Leighton Holdings's assets are being put up for sale as part of a new value creation strategy of the firm, following a takeover bid this year by Hochtief. Leighton Holdings's 70% owner Hochtief took over the Australian company's management in March with a view to streamlining its myriad businesses, slashing costs and increasing profitability. Hochtief is controlled by Spain's ACS Group.

Bank of America Merrill Lynch is managing the sale of Leighton Properties, while Goldman Sachs is managing the sale of the majority stake in residential developer Devine Group.