Webuild Inks New Deal To Acquire Failed Australia Firm Assets

Abstract

Italy-based global contractor Webuild S.p.A. has closed a deal to purchase Asia-Pacific assets of the Clough construction group for $26.8 million. Clough has been in ‘voluntary administration’ since Webuild opted to end purchase talks with its then-parent, South Africa-based Murray & Roberts Holding Ltd. The new purchase deal with Clough’s administrators led by Deloitte Australia would vastly expand. Clough will vastly expand its market share in the region. The two firms’ potential construction contracts in Australia is estimated at more than $322 billion for the 2022-2025 period. Pending approval by creditors, expected later this month, the deal will create a nearly $13-billion backlog.