The sale of Bilfinger Berger subsidiary Valemus Australia to Australian construction group Lend Lease, was finalised this month. The agreement to transfer all Valemus shares to Lend Lease was signed in at the end of 2010 (reported in T&TI February 2011 p.13).

The sale price was around AUD 1.07bn (USD 1.08bn). Bilfinger Berger said it resulted in a net profit from the sale of approximately AUD 970M (USD 974.6M).

Steve McCann, CEO and managing director of Lend Lease said, “It presents the opportunity for Lend Lease to take a leading position in the engineering and construction market at an attractive price.”

Bilfinger Berger said the sale enabled it to invest in further expansion of its service activities and was part of a larger ‘re-dimensioning’ of its construction business. Lend Lease has acquired a secured future revenue of AUD 5bn (USD 4.96bn) and over 150 standing contracts.