Lendlease to sell US East Coast construction business to Consigli [Yahoo! Finance]
LENDLEASE CORP LTD S/ADR (LLESY)
NASDAQ:AMEX Investor Relations:
lendlease.com/investor-centre
Company Research
Source: Yahoo! Finance
The deal, which is subject to customary due diligence and finalisation of documents, will see Consigli acquiring about 45 of Lendlease's ongoing, contracted, and preconstruction projects. The majority of Lendlease's US construction workforce is expected to transition to Consigli because of the sale. As detailed during Lendlease's Strategy Update on 27 May 2024, this sale aligns with the company's goal of divesting its construction operations in the US and UK within the next 18 months. The decision is anticipated to lead to the impairment of related goodwill and deferred tax assets. It is further expected to reduce Lendlease's risk profile. Lendlease CEO Tony Lombardo said: “Today's announcement represents another step to simplify Lendlease to create a more focussed company for security holders. It's the culmination of more than 12 months' work refining our US construction activities to focus on the US East Coast where we have a clear competitive advantage. “The sale repre
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