Lendlease and Atlas Holdings announced on January 1 that they have reached a binding agreement for the sale of Lendlease’s UK Construction business.
As part of the agreement, Atlas will take ownership of the UK Construction business, along with its operations, employees, and leadership team, ensuring a smooth transition for clients and business partners.
Established in 2002, Atlas and its affiliates manage 26 platform companies employing more than 50,000 people across 350 facilities globally. Collectively, these businesses generate approximately US$16 billion in annual revenue.
With expertise in construction and manufacturing, Atlas operates across various industries, including metals, automotive supply, building materials, power generation, food production, and packaging.
Lendlease Group CEO Tony Lombardo said:
“This transaction builds on our progress to simplify Lendlease as we look to lower our risk profile and increase securityholder returns. It also represents a positive outcome for our talented people and our valued customers and clients, marking a new chapter under the ownership of Atlas.”
Peter Bacon, Operating Partner at Atlas, commented:
“We are excited to acquire one of the UK’s leading construction companies, which has a long track record of successfully delivering large complex projects for both private and public sector clients. We look forward to working with David Cadiot and his team continuing to build the business.”
The UK Construction business, originally founded as Bovis Construction in 1885 and acquired by Lendlease in 1999, has played a pivotal role in delivering some of the UK and Europe’s most notable construction projects. These include the rebuilding of Regent Street in 1923, Lloyds of London’s City Headquarters in 1980, the first phase of Canary Wharf in 1991, and 8 Bishopsgate in the City of London.
The transaction is subject to regulatory approvals and other conditions precedent, with completion anticipated before the end of the Australian financial year in June 2025. Key contractual terms will remain confidential until the deal is finalized.
