Lendlease sells UK construction arm to PE firm Atlas
Mon, 06 Jan 2025 | DIVISION SALE
Australian real estate group Lendlease has sold its UK construction business to US private equity firm Atlas Holdings.
Under the terms of the agreement Atlas will acquire Lendlease’s construction business and its operations including existing employees and leadership team.
Founded in 2002, Atlas and its affiliates own and operate 26 platform companies which employ more than 50,000 associates across 350 facilities worldwide. The firm’s businesses together generate revenues of approximately US$16 billion annually.
According to Lendlease, Atlas possesses operational expertise in the construction and manufacturing sectors; and its companies are engaged in a variety of industries including metals, wire and cable, automotive supply, building materials, construction, power generation, food production, industrial machinery and services, packaging, printing, pulp, paper and tissue.
Lendlease’s UK Construction business was founded in 1885 as Bovis Constructionâ¯and acquired by Lendlease in 1999. The company has been involved in some of the UK and Europe’s most iconic construction projects including the rebuilding works of Regent Street in 1923, Lloyds of London’s City headquarters in 1980 and the first phase of Canary Wharf in 1991.
Lendlease Group CEO Tony Lombardo said: “This transaction builds on our progress to simplify Lendlease as we look to lower our risk profile and increase securityholder returns. It also represents a positive outcome for our talented people and our valued customers and clients, marking a new chapter under the ownership of Atlas.”
Peter Bacon, Atlas Operating Partner, said: “We are excited to acquire one of the UK’s leading construction companies, which has a long track record of successfully delivering large complex projects for both private and public sector clients.”
Completion of the transaction is subject to regulatory approvals, with completion targeted before the end of the Australian financial year in June 2025.
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