Lendlease has completed the sale of its services arm to the listed engineering firm Service Stream for $310 million. The deal winds up the company’s exit from the field after it sold its engineering unit to Spanish group Acciona in late-2020 through Morgan Stanley and boutique adviser Gresham.
The sale is the first major transaction under incoming leader Tony Lombardo, who took over from boss-of-12-years Steve McCann in June.
Lombardo said the divestment of the services business, along with other divestments including the sale of the engineering business, and US telecommunications and energy businesses, would allow the group to refocus on other areas.
He said the services business deal is expected to complete before the end of 2021 and is subject to conditions including client and third-party consents.
Further Info: The Urban Developer – 21/7/21