Webuild has announced that it has signed a contract with the Deloitte Administrators of Clough Limited (Clough) in Australia to acquire Clough assets.
The EUR23.4 million(US$25.1 million) final acquisition perimeter comprises Clough’s organization, including offices, trademarks, credentials, business references, senior management and office personnel and more than EUR4 billion (US$4.2 billion) worth of projects in backlog, including the Snowy 2.0 hydropower project and the Gowrie-Kagaru section of the Inland Rail scheme. The purchase will create a band that will allow the creation of a band that is considered to be one of the largest and oldest in Australia, while Clough's projects will not be interrupted.
The transaction will allow Webuild to strengthen its organizational, engineering and human resources structure in Australia, acquire a structured local presence, benefit from scale and significant synergies by strengthening Clough's central resources and expand and diversify Webuild's business.
The transaction is subject to certain third-party consents, including approval at a second meeting of creditors to be held by mid-February 2023.