Leighton sells John Holland to CCCC

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Leighton sells John Holland to CCCC

Leighton Holdings has sold its John Holland infrastructure business to China Communication Construction Company (CCCC), one of the world’s biggest contractors, for $933mn.

The sale follows a strategic review of operations by the Australian contractor, which is a 45% shareholder in Dubai-based Habtoor Leighton Group.

Leighton Holdings also announced that it has agreed a deal with New York-listed private equity firm Apollo Global Management (Apollo) to sell a 50% stake in its combined operations and management businesses in a deal which values the group at over $870mn and which will raise around $570mn to allow the contractor to cut its debts.

The company’s executive chairman and CEO Marcelino Fernández Verdes said the sale of the John Holland business, which is an engineering and contracting business that specialises in transport and rail projects, “supports our focus on reducing gearing and strengthening our balance sheet so that we can be sustainably competitive”.

He added that some of the proceeds would be reinvested on building its private finance/PPP business.

The deal will see more than 4,100 employees and work with a value of $5.4bn transferring to CCCC, which is the world’s fourth-biggest contractor by revenues.

Source: http://www.constructionweekonline.com

Moving Abroad Checklist

Initial Considerations

Will your partner be travelling with you?

If so, what will they be giving up in your present home and will they be able to continue with their career in your new home? You will need to check whether a separate visa is required for your partner to work or if your visa gives that right. If they are unable to work you will need to decide on the effect on your finances and what alternatives are available to give a fulfilling life (home business, training, voluntary work).

Are you taking family with you?

Moving with family raises many exciting opportunities, but also can create challenges. The HSBC Expat Explorer survey indicates that expat kids can take six months to settle in to their new country (see article). Getting young or even older children to prepare to move and leave their friends and family behind can be a challenge and should be thought through.

The options for education is another area that needs to be thought through.

Moving your child to a new country with a different education system can be a great opportunity to broaden their experience, but if they are close to key exams the timing can make this inadvisable. If you do take your family with you, it is important to decide between joining the local school system or choosing an international school.

Where will you be living?

Whether you will be living in a house or apartment, furnished or unfurnished, these decisions will affect what you need to take with you. The time you are planning to live overseas will also affect whether you should leave your property at home empty, rent it out or sell it. See the article Sell, Store or Ship.