By lyndamyer
In order to extend its acquisition to include more projects, Webuild is concluding an agreement with Clough’s administrators.
Following a takeover plan by Webuild fell through the same day, on December 5 Australian company Clough Group went into voluntary administration, while Webuild later announced it would acquire assets and certain projects from Clough, including offices, brand, credentials, business references, senior management, office personnel and its share in the Snowy 2.0 hydro project and Inland Rail contracts where Clough is Webuild’s partner.
Revealing its further details of the scope of the transaction and its completion in the coming days, Webuild claims that the acquisition now includes more projects.
The total value of Webuild’s backlog orders in Australia is €8.9bn (US$9.5bn), including projects for which Webuild is the preferred bidder, and a workforce of more than 1,800 people, while Australia is Webuild’s second largest market after Italy. Over 2022-2025 construction investments in the Australian market are expected to reach more than €300bn (US$319.5bn).
