Webuild has finalized the acquisition of Clough’s corporate assets
The Italian giant operating in the construction andengineering driven by Pietro Salini grows and accelerates in the Austrian market: the group Webuild has subscribed with the administrators of Clough Limited (Clough) the contract for the purchase of corporate assets of the same.
Following what was communicated on 14 December 2022 and 19 January 2023, the final scope of the acquisition includes: the central Clough organization, including departments, brands, credentials, qualifications, senior management and headquarters personnel; over 4 billion euros of projects in the backlog (at the end of 2022) with the related workforce. Clough’s integration into Webuildwhich guarantees the continuity of the projects of the same and safeguards the employment of 1,100 employeeswill create a group among the major players in Australia and among the most historic.
I projects included in the perimeter acquisitions are among the most important infrastructure under construction in Australia and Papua New Guinea and the agreement reached between Deloitte and Webuild facilitates its delivery for the governments, local communities and businesses involved. The transaction also ensures that all subcontractors and suppliers contracted for projects included in the perimeter are regularly paid for the completion of the works.
The operation, continues the note, will allow Webuild to: strengthen the organizational structure, engineering and workforce in Australia, functional to the execution of the major works in the portfolio and the commercial plan. Webuild will benefit from a booming market with hundreds of billions of investments expected in the coming years; acquire a local establishment with over 100 years of history, deep roots and Australian traditions.
But also of benefit from economies of scale and significant synergies through the enhancement of Clough’s core resources specializing in business planning, bid preparation, human resource management, procurement management, administration, finance and control; expand and diversify the activities of the Webuild group by leveraging on skills, Clough’s good market positioning and solid reputation in sectors such as Energy, Plant and Defence. The total value of the transaction is approximately AU$35.9 million (23.4 million euros).
The finalization of the acquisition is conditional on obtaining certain consents of third parties involved in the transaction, including approval by the creditors’ meeting which is expected by mid-February 2023.
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