Home » Lendlease agrees to sell US East Coast operations to Consigli

Lendlease agrees to sell US East Coast operations to Consigli

by Mark Cantrell
construction professionals shaking hands

Lendlease Group has agreed terms with US construction firm, Consigli Construction Co for the sale of its construction operations in the US East Coast.

The deal, which is subject to due diligence and the finalisation of documents, forms part of Lendlease’s intention to divest its construction businesses in the UK and the US over the next 18 months, lowering the group’s overall risk profile.

Under the terms of the transaction, Consigli will acquire Lendlease’s East Coast construction operations including approximately 45 current, under-contract, and pre-construction projects.

As part of the sale, the majority of Lendlease’s US construction workforce will transition to Consigli.

Tony Lombardo, chief executive of Lendlease, said “[This] 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 represents a great outcome for both our people, the majority of whom will move across to Consigli, and for our customers.”

Image credit: Indypendenz/Shutterstock

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