ACCIONA has reached an agreement with the Australian infrastructure group Lendlease to acquire a part of the project portfolio of its subsidiary, Lendlease Engineering
ACCIONA has reached an agreement with the Australian infrastructure group Lendlease to acquire a part of the project portfolio of its subsidiary, Lendlease Engineering. The agreement includes eight key projects and the transaction is valued at around 110 million euros.
Acciona continues its expansion process in Australia and this time has acquired 8 key projects from the portfolio of the Australian infrastructure group Lendlease. Through a transaction valued at 110 million euros, Acciona is made with an important package of capital goods as well as with the employees of the projects acquired from Lendlease Engineering.
The amount of the transaction will be paid in three parts: one third at the end of the agreement, another at the end of 2020 and the remaining amount in June 2021. The agreement will enter into force in the first half of 2020 .
With the acquisition of these projects, Acciona will achieve annual revenues in Australia of more than 1,230 million euros in the short term. On the other hand, in the medium term the company has expectations of growth to reach between 1,850 and 2,150 million euros.
Bede Noonan, general director of Infrastructure of ACCIONA in Australia and New Zealand:
«This operation will combine a solid Australian team with the proven global experience of ACCIONA at a time when the local market demands capacity and excellence to face the important infrastructure projects that are emerging in the country. The scope and scale of projects in Australia are growing and companies with a strong capacity and experience are needed to meet the challenge ».
Projects acquired by Acciona
These are the 8 projects acquired by Acciona in Australia:
- Southern Program Alliance (Victoria). A project to eliminate level crossings. Developed already in partnership with ACCIONA.
- Southern Program Alliance AWP1 (Victoria). Additional works to the previous project. Developed already in partnership with ACCIONA.
- Ballarat Line Upgrade (Victoria). Rail network improvements. Developed already in partnership with ACCIONA.
WestConnex 3A (New South Wales). Two twin highway tunnels 7.5 KM in length.
- Western Sydney International Airport (New South Wales). Large-scale land movement.
- Pacific Highway W2B (New South Wales). Improvements in road sections.
- Gawler Rail (South Australia). Electrification project
- The Northern Road Upgrade (New South Wales). Improvements in road sections.