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Publish Date : 26-Dec-2012

Leighton Holdings Limited announced today that the Company had executed an Asset Purchase Agreement (APA) in relation to the acquisition of selected Macmahon Holdings Ltd construction projects (the Transaction). The APA supersedes the Memorandum of Understanding announced on 12 December 2012.

Following its due diligence review, Leighton has agreed with Macmahon to acquire the construction projects for approximately $14 million subject to adjustments. In addition, Leighton has identified selected plant and equipment that it will acquire for either delivery of the acquired projects or for other work. The APA is subject to the approval of Macmahon shareholders, other than Leighton Holdings and its associates.

Chief Executive Officer of Leighton Holdings, Mr Hamish Tyrwhitt, said that the Transaction provided a strategic opportunity for the Leighton Group to develop its distinctive core competencies while utilising existing overheads.

“We propose that, with the consent of Macmahon clients through the novation of contracts, seven existing projects will transition to our John Holland business and one to Leighton Contractors. The Transaction brings volume ($513 million worth of work in hand) and scale while building on John Holland’s specialist expertise in road, rail, water, marine and resource infrastructure projects, and expands their presence in the Northern Territory,” said Mr Tyrwhitt.

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