Webuild has signed a contract with the administrators of Clough Limited in Australia to acquire Clough’s assets, including its offices, trademarks, credentials, and 1,100 employees, plus more than €4bn worth of projects in backlog.
Webuild said the €23.4m acquisition creates one of the biggest and oldest construction groups in Australia.
Webuild and Clough’s parent company Murray & Roberts had been negotiating Clough’s sale to Webuild late last year, but talks failed and Clough entered voluntary administration on 5 December.
The deal transfers some €4bn worth of Clough infrastructure projects to Webuild, including the Snowy 2.0 hydropower project and the Gowrie-Kagaru section of the Inland Rail scheme, projects the two companies worked on together.
It remains subject to certain consents from third parties, including the approval at the second meeting of creditors expected to be held by mid-February 2023.