WeBuild reached an agreement for theacquisition of the entire capital the company Australian Clough, according to which it will support the financial restructuring with the aim of transforming it into the nerve center of the Group in Australia, market considered strategic for the growth of investments in infrastructure estimated at over 300 billioni of euros in the period 2022-2025. In Australia, Webuild has backlog of orders and projects for approximately 9 billion. Webuild shares rose by 2,41% to 1,48 euros in the mid-session in Piazza Affari
Who is Clough: 2.500 employees and order backlog of approximately 2,1 billion, preferred bids of 2,7 billion
Clough, founded in Perth in 1919 and wholly owned by Murray & Roberts, is among the main ones engineering companies in Australia, it employs around 2.500 people and provides innovative and sustainable solutions in the design, construction and maintenance of plants and infrastructures serving the energy, raw materials and infrastructure sectors, explains a statement from the company. His historical projects main ones include the first skyscraper in Perth and the first big one highway tunnel underground in Western Australia.
As of June 30, 2022, Clough reports a order backlog of approximately 2,1 billioni, to which are added approximately 2,7 billion of projects for which the company was the result highest bidder. Both the backlog and preferred bids are mainly concentrated in Australia and North America. The volume of annual revenues for the year 2022 it is equal to approximately 1 billion. In addition, the company closed the 2022 financial year free of financial debt.
Webuild has undertaken to provide Clough, between signing and closing, a financing up to 30 million Australian dollars, equal to approx 20 million euro, provided that Clough provides adequate collateral for repayment in the event of failure to complete the transaction.
The agreement is conditional on the positive outcome of the activities due diligence, already started, which will be carried out on Clough, upon obtaining the permissions the acquisition by the competent authorities, the confirmation by Clough's main customers of the continuity of the contracts post acquisition and the approval of the transaction by theshareholders meeting of Murray & Roberts Holding Limited.
Clough acquisition: the advantages for WeBuild
The Clough takeover would allow to Webuild strengthen the organizational structure, engineering and strength work in Australia, functional to the execution of great works in portfolio and the business plan. It will also be able to strengthen the local presence in some main Australian states such as Western Australia and Queensland, in addition to the well-established presence of Webuild in the states of New South Wales and Victoria. Ultimately doing so would allow Webuild to take over the minority shares of some projects in Australia carried out in partnership with Clough, including Snowy 2.0 and Inland Rail.
Webuild also the highest bidder for the Sydney Metro lot
Almost simultaneously with the news related to Cough, WeBuid also announced today that it has been selected as highest bidder for the construction of the Stations, Systems, Trains, Operations and Maintenance (Sstom) lot of the Sydney Metro-Western Sydney Airport Project in Australia. The Italian group holds a share of approximately 78% of the consortium relating to the design and construction of civil works.
Yesterday WeBuild, with a new contract in Romania, was awarded a section of the European TEN-T project for 291 million
