Lendlease has agreed to sell its UK construction business to US-based conglomerate Atlas Holdings.
The deal will see Atlas acquire the target’s business and operations, including employees and leadership team.
Lendlease’s UK construction business was founded in 1885 as Bovis Construction and acquired by Lendlease in 1999. Its projects have included the rebuilding works of Regents Street, W1, in the 1920s; the first phase of Canary Wharf in the early 1990s; and 8 Bishopsgate, EC2, in the City of London. Atlas operating partner Peter Bacon described it as “one of the UK’s leading construction companies”.
The group announced it would look to sell its international construction operations in May. Lendlease group chief executive Tony Lombardo said of the Atlas deal: “This transaction builds on our progress to simplify Lendlease as we look to lower our risk profile and increase securityholder returns.”
The deal is expected to complete by June.
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